SMM Morning Comment For Nickel Market On December 12

SHANGHAI, December 12 (SMM) –
Overnight, the most-traded SHFE nickel contract opened at 133530 yuan/mt, and closed at 132060 yuan/mt, down 1760 yuan/mt. Trading volume fell by 129,000 lots, and open interest decreased by 8279 lots. At present, we still need to pay attention to the annual non-seasonally adjusted CPI rate in the United States in November, which will be announced on the evening of December 12. The previous value was recorded at 3.2%. Market expectations predict that the value will continue to cool down. The data will affect the Federal Reserve’s interest rate decision in December. From a fundamental perspective, the supply of pure nickel has declined slightly, but downstream demand for pure nickel is limited. Nickel price is expected to move rangebound, with little upward momentum.