Metals News
[Ni] CBI Morning Review: Metal Prices Rise Due to US Dollar Devaluation and Short-covering
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Dec. 11 (CBI China) -- U.S. stocks closed slightly higher yesterday, energy stocks led the market due to the expectation of oil price rising. However, financial stocks remained weak, an indication of still insufficient in the confidence of market outlook. Metals also rose, primarily due to due to devaluation of dollar and short-covering. FME nickel rose by 10%, from the trading side, the price surged in a straight line at 1:00 am, triggered by technical buying. In the short term, nickel prices are likely to rise further; main fund may take this opportunity to wash away the short. From the technical side, USD 9,800/mt and USD 10,600/mt should be focused, if  USD 10,600/mt can be broken, the rising goal in the short term will be about  USD 12,000/mt. 

    Nickel prices are expected tonight to fluctuate slightly tonight, with the clearing price around 10,400 U.S. dollars.

 

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