SMM Morning Comment For Nickel Market On January 11

SHANGHAI, January 11 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 125110 yuan/mt, and closed at 124920 yuan/mt, down 830 yuan/mt. Trading volume fell by 37275 lots, and open interest decreased by 1847 lots. From a macro perspective, we still need to pay attention to the U.S. non-seasonally adjusted CPI annual rate for December and the U.S. interest rate meeting on February 1. This will be the first interest rate meeting in 2024. From a fundamental perspective, pure nickel warrants were destocked slightly yesterday, with decline mainly contributed by Kaohsiung. Nickel price is expected to inch lower.