SHANGHAI, Oct 20(SMM) – Overnight, the most-traded SHFE nickel contract opened at 150,250 yuan/mt, and closed at 148,920 yuan/mt, down 610 yuan/mt. Trading volume rose by 15,386 lots, and open interest increased by 1,409 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 decline slightly in the future.
