Fed chairman Powell said at an offline news conference that the committee’s consensus is that the next few interest rate increases will give priority to the 50bp interest rate increase, basically excluding the possibility of a single 75bp interest rate increase. For the stock market and commodity market, the pressure dropped sharply. After receiving the news, the columns of LME disk except nickel turned red. However, from the time-sharing chart, they basically opened high and went low. Boosted by the news, it is not enough to reverse the pressure situation of the non-ferrous market. During the May Day holiday, LME nickel in the outer market continued to decline by 6.97%, which was easy to open low. After the Federal Reserve basically ruled out the option of radical interest rate hike, it still fell, and the fundamentals of nickel itself were weak. The domestic mining end has been significantly loosened, and the support for prices has weakened. The output of ferronickel has increased significantly compared with previous years, but although the output of downstream stainless steel is at a high level, due to the flood in South Africa, the import of chromium ore is limited, which will be stronger than electrolytic nickel. In terms of demand, it will mainly follow the consumption replenishment after the epidemic, but it will also play a primary role with stainless steel.