SMM Nickel Market Morning Comment (Sep 13)

SHANGHAI, Sep 13 (SMM) –Overnight, the most-traded SHFE nickel contract opened at 166,450 yuan/mt, and closed at 162,170 yuan/mt, down 4,280 yuan/mt. Trading volume rose 45,010 lots, and open interest increased by 3,421 lots. On the macro front, we still need to pay attention to the U.S. August CPI data to be released on Wednesday night. The current market expectation is 3.6%, which is higher than the previous value of 3.2%, reflecting that the market is now expecting the Federal Reserve to raise interest rates. Looking at the spot market, yesterday's nickel prices plunged in the afternoon. With the National Day holiday approaching, some downstream buyers have begun to stock up. Nickel price is expected to be volatile.