SHANGHAI, Dec. 9 (CBI China) -- U.S. stocks closed higher on Monday. As elected president of the United States, Obama committed to put the highest investment in infrastructure over the past 50 years with the total amount of 500 billion U.S. dollars. In addition, the bailout plan of 15 billion U.S. dollars focusing on automotive industry has been made, boosting the Dow Jones index to close at the high point within more than one month.
The good news also brought a strong rebound in metals market, copper rose by 7.4%, nickel rose by 2.5%.
In essence, yesterday's rebound was technical rebound, and the upward trend is very difficult to continue.
But at present the biggest uncertainty is the trend of the dollar. From the technical point of view, the U.S. dollar in the near future built the top-down trend, and is likely to continue to drop in short-term. When demand fundamentals have not improved, the fluctuations of metal's recent trend will increase, nickel prices may be within the range of USD 8,800-98,00/mt.
Nickel prices are expected to slightly down this evening, in the range of USD 9,100-9,400/mt, with closing price around USD 9,100/mt.
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