On October 9, the most active SHFE nickel contract prices opened at 150370 yuan/mt and closed at 150990 yuan/mt, a decrease of 920 yuan/mt from the closing price of the previous trading day. The intraday trading was weaker than that of the previous trading day. The trading volume decreased by 93747 lots, and the open interest decreased by 719 lots.
On the macro front, on October 6, the U.S. Department of Labor released two important data: the U.S. unemployment rate in September and the U.S. seasonally adjusted non-farm payrolls in September. The data reflects that the current U.S. labor market is still strong and the U.S. economy is still developing well. It may affect the subsequent rate hike process by the Federal Reserve, thereby suppressing commodity prices.
From a fundamental point of view, the spot market was affected by the current low nickel price, and the spot market transactions were relatively brisk. In summary, it is expected that the nickel price may fluctuate rangebound in the near term.
