SMM Morning Comment For Nickel Market On September 26

SHANGHAI, Sep 26 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 157,210 yuan/mt, and closed at 158,160 yuan/mt, up 950 yuan/mt. Trading volume dropped by 14,705 lots, and open interest decreased by 7,954 lots. On the macro front, market attention should be paid to the data of the US unemployment benefits application number, which reflects the current activity of the US job market and thereby affects market expectations for subsequent interest rate hikes by the Fed. In the fundamentals, yesterday’s spot market was affected by the pre-holiday replenishment and the transaction atmosphere was acceptable. In summary, it is expected that nickel prices may rebound slightly in the future.