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Macroeconomic concerns combined with sluggish nickel spot market transactions; nickel prices may experience a slight decline on the 29th.

Futures Market: LME Closed with Low Activity; SHFE Nickel Down 1.05% Overnight. In the domestic futures market, SHFE Nickel experienced volatile trading during the night session, with a slight setback. The main contract SHFE Nickel 2310 closed at 167,190 yuan per ton, down 1,780 yuan, or 1.05%.

On August 25, LME reported nickel stockpiles of 36,936 tons, a decrease of 72 tons compared to the previous trading day.

Today, SHFE Nickel futures opened lower across the board. The main contract 2310 opened at 167,070 yuan, down 1,900, and at 9:20, the main contract 2310 closed at 166,500 yuan, down 2,470. SHFE Nickel continued to decline after the opening, with the market maintaining a shaky downward trend.

Overnight, with the U.S. banks closed for a holiday and LME closed for a day, market sentiment swung back and forth. There are concerns that the Federal Reserve may need to raise interest rates further, reigniting market anxiety. The ample supply of nickel has put pressure on prices, with spot premiums being adjusted downward. With sluggish downstream demand, nickel prices are expected to decline slightly today.

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