SMM

Overnight, the most-traded SHFE nickel contract opened at 139,600 yuan/mt, and closed at 137,460 yuan/mt, down 2,490 yuan/mt. Trading volume fell by 15,008 lots, and open interest decreased by 859 lots. On the macro front, the number of Americans filing for unemployment benefits stood at 209,000 in the week ending Mar 9, lower than the market forecast and previous value, indicating that the US job market recovered. Fundamentally, Indonesia said that it had completed the approval of 107 companies, and the progress of nickel ore approval accelerated. The market's expectations for tight supply of raw materials began to weaken, so the prices fell sharply in the afternoon. In addition, according to SMM research, the tight output of intermediate products is expected to ease in April. Nickel price is expected to be go down.