SMM Morning Comment For Nickel Market On January 16

SHANGHAI, January 16 (SMM) –
Overnight, the most-traded SHFE nickel contract opened at 126760 yuan/mt, and closed at 127200 yuan/mt, down 2220 yuan/mt. Trading volume rose 4039 lots, and open interest increased by 3613 lots. From a macro perspective, judging from the CPI data released by the Federal Reserve on the evening of January 11, the current core CPI has declined, which is good for commodities. Yesterday, LME nickel inventory fell slightly by 96 mt, with the destocking mainly coming from Asia. Nickel price is expected to move rangebound.