SMM Morning Comment For Nickel Market On September 27

SHANGHAI, Sep 27 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 156,690 yuan/mt, and closed at 155,200 yuan/mt, up 950 yuan/mt. Trading volume dropped by 31,025 lots, and open interest increased by 6,146 lots. On the macro front, market attention should be paid to the data of the US unemployment benefits application number, which reflects the current activity of the US job market and thereby affects market expectations for subsequent interest rate hikes by the Fed. In the fundamentals, yesterday’s spot market transactions were muted as some enterprises have begun the upcoming holidays in advance. In summary, it is expected that nickel prices may continue to fluctuate in the future.