SMM Morning Comment For Nickel Market On October 11

SHANGHAI, Oct 11(SMM) – Overnight, the most-traded SHFE nickel contract opened at 151,970 yuan/mt, and closed at 151,650 yuan/mt, up 660 yuan/mt. Trading volume rose by 73,814 lots, and open interest decreased by 5,629 lots. On the macro front, the Fed’s dovish speech weakened the US dollar, advantageous for commodities. 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 dropped overall after the holiday. In summary, it is expected that the subsequent decline in nickel prices will be limited.