SMM Morning Comment For Nickel Market On November 3

SHANGHAI, November 3(SMM) –Overnight, the most-traded SHFE nickel contract opened at 141370 yuan/mt, and closed at 140830 yuan/mt, up 190 yuan/mt. Trading volume fell by 30225 lots, and open interest decreased by 2708 lots. On the macro front, on November 1, local time, the minutes of the Federal Reserve’s latest Federal Open Market Committee (FOMC) monetary policy meeting showed that the Federal Reserve decided to maintain the target range of the federal funds rate at 5.25% to 5.50%, in line with market expectations. From a fundamentals perspective, the trend of pure nickel inventory accumulation remains unchanged, and downstream demand has not yet improved. Yesterday’s spot market transactions were still weak. Nickel price is expected to be move rangebound.