SMM Morning Comment For Nickel Market On November 14

SHANGHAI, November 14(SMM) –Overnight, the most-traded SHFE nickel contract opened at 139110 yuan/mt, and closed at 139660 yuan/mt, down 630 yuan/mt. Trading volume rose 76540 lots, and open interest increased by 4879 lots. On the macro front, the Chairman of the Federal Reserve continued to be hawkish in his speech, but this did not affect the market's expectation that interest rates will remain unchanged in December. 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.