Overnight, the most-traded SHFE nickel contract opened at 133830 yuan/mt, and closed at 134210 yuan/mt, up 1480 yuan/mt. Trading volume rose 45791 lots, and open interest increased by 79748 lots. From a macro perspective, although RKAB’s review speed has been accelerated, there are still a large number of mining quotas that have not yet been approved. Therefore, SHFE nickel rose strongly yesterday. From a fundamental point of view, downstream companies held back amid high nickel prices while waiting for a more appropriate time to purchase.
![[SMM Analysis] Demanda de compra externa downstream fraca; preços do sal de níquel caíram esta semana](https://imgqn.smm.cn/usercenter/KFwsY20251217171734.jpg)
![[SMM Análise do Meio-Dia do Níquel] Os preços do níquel tiveram uma recuperação significativa em 3 de setembro. Os dados de emprego ADP dos EUA em agosto vieram surpreendentemente fracos, esfriando levemente as apostas em um aumento de juros em setembro.](https://imgqn.smm.cn/usercenter/qLeLR20251217171733.jpg)

