NPI prices remained stable and spot transactions picked up [SMM Nickel Morning Comment]

On January 9 evening, the most active SHFE nickel contract prices opened at 124380 yuan/mt and closed at 125750 yuan/mt, an increase of 1300 yuan/mt from the closing price of the previous trading day. The trading volume increased by 12205 lots, and open interest decreased by 9712 lots. Bears closed positions rationally. There can be sustainable price gains. From a macro perspective, the Fed's speech last night changed from doveish to hawkish, and the market's optimistic expectations for 2024 have cooled down. From a fundamental point of view, pure nickel warehouse receipt inventory continues to accumulate today, with LME inventory accumulating 3,558 tons. The increase mainly comes from warehouses in Rotterdam, Singapore and South Korea. It is expected that the nickel price may fall slightly in the near term.