SMM

SHANGHAI, December 22 (SMM) –
Overnight, the most-traded SHFE nickel contract opened at 131060 yuan/mt, and closed at 129830 yuan/mt, down 1370 yuan/mt. Trading volume fell by 547 lots, and open interest decreased by 4986 lots. From a macro perspective, the impact of the Red Sea crisis on pure nickel transportation remains to be seen, and there is currently no obvious impact. From a fundamental point of view, due to the downward trend of nickel sulphate prices and other raw material prices combined with the recent sideways trading of SHFE nickel, some refined nickel companies that previously suffered losses have returned to profits, driving some to resume normal production. It is expected that refined nickel output will increase month-on-month in December.