SMM

SHANGHAI, December 7 (SMM) –
Overnight, the most-traded SHFE nickel contract opened at 125250 yuan/mt, and closed at 130550 yuan/mt, up 5430 yuan/mt. Trading volume rose 95284 lots, and open interest decreased by 4234 lots. From a macro perspective, ADP employment data has fallen short of expectations for four consecutive months, which may indicate that the U.S. labor market continues to cool significantly. From a fundamental perspective, the recent decline in nickel prices has led to a pick-up in spot market transactions. Nickel price is expected to move rangebound, with little upward momentum.