SHANGHAI, January 11 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 125110 yuan/mt, and closed at 124920 yuan/mt, down 830 yuan/mt. Trading volume fell by 37275 lots, and open interest decreased by 1847 lots. From a macro perspective, we still need to pay attention to the U.S. non-seasonally adjusted CPI annual rate for December and the U.S. interest rate meeting on February 1. This will be the first interest rate meeting in 2024. From a fundamental perspective, pure nickel warrants were destocked slightly yesterday, with decline mainly contributed by Kaohsiung. Nickel price is expected to inch lower.
SMM Morning Comment For Nickel Market On January 11
- Jan 11, 2024, at 9:55 am
- SMM
Overnight, the most-traded SHFE nickel contract opened at 125110 yuan/mt, and closed at 124920 yuan/mt, down 830 yuan/mt.
