SMM Morning Comment For Nickel Market On October 18

SHANGHAI, Oct 18(SMM) – Overnight, the most-traded SHFE nickel contract opened at 152,980 yuan/mt, and closed at 149,760 yuan/mt, down 2,620 yuan/mt. Trading volume rose by 4,363 lots, and open interest decreased by 3,518 lots.

On the macro front, raising interest rates was on the way, and market was still controversial about whether to it will happen later this year. Currently, prices of US dollar and gold continued to move upward, and commodities were under downward pressure. In the fundamentals, the demand for domestic electrowinning nickel remained stable and the purchase amount of Jinchuan nickel plate was acceptable. Norilsk nickel transactions in spot market were sluggish and demand dropped. In summary, it is expected that nickel prices will continue to rebound slightly in the future.