SMM Morning Comment For Nickel Market On August 9

SHANGHAI, Aug 9 (SMM) –

SHFE 2309 nickel contract opened at 167,000 yuan/mt at the night session on August 8, and closed at 165,940 yuan/mt, down 140 yuan/mt. Trading volume fell by 44,261 lots, and open interest decreased by 10,173 lots.
Affected by the fading positive macroeconomic sentiment, SHFE nickel prices fluctuated downward yesterday. From a fundamental point of view, the downstream market continued to consume inventory previously due to the impact of the high nickel price and didn’t make large purchases. But the current decline in nickel prices encouraged the downstream demand to pick up yesterday, and the overall spot market transaction atmosphere warmed up. In summary, it is expected that the subsequent nickel price may fluctuate.