SMM

Overnight, the most-traded SHFE nickel contract opened at 123,300 yuan/mt, and closed at 124,450 yuan/mt, up 910 yuan/mt. Trading volume rose 9329 lots, and open interest increased by 7,082 lots. From a macro perspective, the Fed's speech last night changed from dovish to hawkish, and the market expectations for interest rate cuts in 2024 have cooled down. From a fundamentals perspective, pure nickel warehouse receipt inventory continued to accumulate yesterday, with LME inventory accumulating 360 mt. In summary, it is expected that nickel prices may continue to fluctuate in a narrow range in the future.