SMM Morning Comment For Nickel Market On November 29

SHANGHAI, November 29(SMM) –

Overnight, the most-traded SHFE nickel contract opened at 123400 yuan/mt, and closed at 129160 yuan/mt, up 6387 yuan/mt. Trading volume rose 52182 lots, and open interest decreased by 14137 lots. The current nickel price is not very sensitive to macro sentiment, and is mainly subject to fundamentals of refined nickel instead. The current pure nickel oversupply persists. Supply continues to increase, and there is no plan to reduce production for the time being. Although downstream demand has improved during the week, overall demand is still weak. Nickel price is expected to move rangebound.