SHANGHAI, Aug 22 (SMM) –
SHFE 2309 nickel contract opened at 166,440 yuan/mt at the night session on August 21, and closed at 166,620 yuan/mt, down 550 yuan/mt. Trading volume dropped by 4,631 lots, and open interest decreased by 7,514 lots. From a macro perspective, the number of weekly initial jobless claims in the United States is lower than the forecast value and the previous value reached 239,000, indicating that the current U.S. economy still has strong resilience, which may affect the Fed’s decision in September, thereby impacting commodity market. On the fundamentals, daily spot market transactions were still weak. The upstream was eager to ship at lower premiums. However, end of restocking cycle and the high SHFE nickel prices made the downstream demand sluggish. Overall, it is expected that the subsequent nickel price will be volatile.
