SMM Morning Comment For Nickel Market On January 18

SHANGHAI, January 18 (SMM) –
Overnight, the most-traded SHFE nickel contract opened at 127300 yuan/mt, and closed at 127030 yuan/mt, up 180 yuan/mt. Trading volume rose 8283 lots, and open interest decreased by 2624 lots. From a macro perspective, judging from the CPI data released by the Federal Reserve on the evening of January 11, the current core CPI has declined, which is good for commodities. Yesterday, LME nickel inventory destocked slightly by 96 mt, with the destocking mainly coming from Asia. Nickel price is expected to move rangebound.