SMM

Overnight, the most-traded SHFE nickel contract opened at 142,030 yuan/mt, and closed at 139,950 yuan/mt, down 1,920 yuan/mt. Trading volume rose 50,346 lots, and open interest increased by 2,737 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 forecast and previous value, indicating that the US job market recovered. From a fundamental perspective, yesterday’s spot market transactions were weak. However, after nickel prices plunged in the afternoon, downstream buyers began to make purchases. Nickel price is expected to be move rangebound.