News
SMM Morning Comment For Nickel Market On December 26
Issued at 2023-12-26
Tweet
SHANGHAI, December 26 (SMM) – Overnight, the most-traded SHFE nickel contract opened at 130740 yuan/mt, and closed at 130900 yuan/mt, up 160 yuan/mt. Trading volume fell by 13067 lots, and open interest decreased by 8393 lots. From a macro perspective, geopolitical conflicts have blocked transportation in Red Sea area, and the market is worried about Eurasian transportation. From a fundamentals 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 producers that had previously suffered losses have returned to profits, and some smelters have also resumed normal production. Supply is expected to grow. From the demand side, as the holidays are approaching, the sentiment of downstream replenishment is gradually increasing. Therefore, trades in spot market may pick up.
Source: SMM
Tweet
Related News
- Trump's 50% Tariff Hike on Brazil Also Unsustainable for the U.S.
- US tariffs pose threat to Brazil’s mining, steel
- Brazil's Drop In Key Exports To The United States: What Happened And Why It Matters
- Brazil: Iron ore exports rise 10% y-o-y in Jun'25
- Overview of China's aluminium production in June 2025 and forecast for July
- ‘Nail in a coffin’: Trump’s steel, aluminum tariffs bleed Indian foundries
- India’s Hindalco to acquire US alumina maker AluChem
- Global iron ore market: 2025 outlook
- See all News