SMM Morning Comment For Nickel Market On September 7

SHANGHAI, Sep 7(SMM) – The most traded SHFE nickel contract opened at 172,000 yuan/mt and closed at 171,860 yuan/mt at the night session on September 6, an increase of 60 yuan/mt from the previous trading day. The trading volume decreased by 9,586 lots and the open interest increased by 543 lots. It means that both longs and shorts held a strong wait-and-see approach. Although investors were relatively optimistic about subsequent market performance, their lack of willingness to trade will still result in limited subsequent price rise. Due to positive market sentiment promoted by US macro data and the tight supply of raw materials, nickel prices fluctuated upwards yesterday. In terms of fundamentals, trades in spot market remained thin and downstream demand was sluggish. In summary, nickel prices may be volatile in the future.