SHANGHAI, Jan. 4 (CBI China) -- During 3-day New Year holidays, LME nickel prices rebound significantly, with the lowest reaching USD 9,790/mt and the highest reaching USD 13,525/mt on 2nd from December 30th, and the growth rate of the closing prices on 2nd exceeded 34% from 30th levels. Both the volume and position rose.
The trading shows that short-covering also remain one of the driving forces for prices up, on the other hand, market insiders said the buying came from the bank is also the main reason for price increases.
Although the actions of institutions have a greater impact on the trading, the fundamentals of supply and demand have not changed.
Therefore, this round of rise will not last long, and the greater the increase is, the larger the price fall in the near future. It is expected that the rebound high will be about USD 15,000/mt.
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