沪镍、不锈钢：8 月 21 日震荡下行，后市建议观望

Group 1 - The core viewpoint of the article highlights the impact of U.S. economic data on interest rate expectations, particularly the reduction of bets on two rate cuts by the Federal Reserve this year due to a rise in the S&P Global Composite PMI to 55.4, the highest in eight months [1] - The initial jobless claims in the U.S. increased by 11,000 to 235,000, marking the largest rise since late May, while continuing claims rose by 30,000 to 1.972 million, the highest since November 2021 [1] - Nickel futures experienced fluctuations, with the Shanghai nickel main contract showing a trading volume of 90,715 lots and an open interest of 102,385 lots, while London nickel prices fell by 0.45% [1] Group 2 - The stainless steel main contract also saw fluctuations, with a trading volume of 99,736 lots and an open interest of 138,810 lots, indicating weak market transactions and an expanding basis premium [1] - Inventory levels showed a decrease in the Shanghai Futures Exchange, while production in August increased, but terminal demand remained weak, suggesting that prices may follow macroeconomic fluctuations [1] - The article suggests a cautious approach to trading in both nickel and stainless steel markets, advising to observe market conditions due to the potential changes in Federal Reserve rate cut expectations and the implementation of "anti-involution" policies [1]