SMM

SHANGHAI, November 24(SMM) –Overnight, the most-traded SHFE nickel contract opened at 129730 yuan/mt, and closed at 127720 yuan/mt, down 1690 yuan/mt. Trading volume fell by 3872 lots, and open interest decreased by 9590 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 and then decline.