SMM Morning Comment For Nickel Market On August 29

SHANGHAI, Aug 29 (SMM) –

SHFE 2309 nickel contract opened at 170,300 yuan/mt at the night session on August 28, and closed at 167,600 yuan/mt, down 2,400 yuan/mt. Trading volume rose by 7,306 lots, and open interest decreased by 4,964 lots.

From a macro perspective, Federal Reserve Chairman Jerome Powell said in his speech yesterday night that the Fed was ready to raise interest rates further under appropriate circumstances. The above-mentioned situation was good for the US dollar and bad for commodities, which will suppress the prices of commodities and put pressure on the non-ferrous metals sector. In the fundamentals, spot market transactions were depressed. Yesterday, Norilsk nickel was sold at a discount for the first time. Some upstream companies were eager to ship at lower premiums, but the downstream inventory was still at a high level due to previous purchases, causing downstream demand lack of support. So, nickel prices are expected to fluctuate in the future.