SMM Morning Comment For Nickel Market On August 11

SHANGHAI, Aug 11 (SMM) –

SHFE 2309 nickel contract opened at 164,600 yuan/mt at the night session on August 9, and closed at 166,580 yuan/mt, up 640 yuan/mt. Trading volume fell by 4,288 lots, and open interest increased by 1,454 lots.

From a macro perspective, since crude oil inventories were significantly higher than expected, commodities’ prices collectively fell yesterday, and SHFE nickel continued its decline to 166,580 yuan/mt. From a fundamental point of view, affected by the weak downstream demand, even if the nickel prices fell, the purchasing sentiment in the downstream market was still relatively depressed and the turnover situation was poor yesterday. Overall, it is expected that the subsequent nickel price will shock downward.