The Federal Reserve’s decision to keep interest rates unchanged resulted in a narrower decline in nickel prices, with overnight London nickel decreasing by 0.88%. The latest closing price was $17,905, a $160 decrease from the previous trading day, representing a 0.88% decline. Trading volume amounted to 2,908 lots, an increase of 149 lots from the previous trading day, and open interest reached 160,070 lots, an increase of 454 lots. In the domestic futures market, Shanghai nickel in the night session opened lower but later showed a slight upward trend, with a mild recovery in its downward movement. The main 2312 contract for Shanghai nickel closed at CNY 141,840 per ton, up CNY 320, with a gain of 0.23%.
On November 1st, LME reported nickel inventory at 44,784 tons, a decrease of 114 tons compared to the previous trading day.
Today, nickel futures on the Shanghai Futures Exchange mainly opened lower. The main contract for December 2312 opened at CNY 141,370, down by CNY 150. At 9:05, the main contract for Shanghai nickel, 2312, closed at CNY 142,140, up CNY 620. Shanghai nickel futures opened lower but moved upward, showing a slight increase in the market. On the macroeconomic front, the Federal Reserve’s decision on this month’s interest rates is in place, with an 84.4% probability of maintaining rates in December. The U.S. dollar is showing weak fluctuations, and U.S. stocks are rebounding, which is improving the outlook for non-ferrous metals. Although concerns about nickel oversupply persist, the decline in nickel prices is stimulating buying enthusiasm, and the LME nickel inventory is improving. It is expected that nickel prices may experience a minor increase today.