SHANGHAI, Jan. 9 (CBI China) -- Three-month LME nickel opened at RMB 12,150/mt, high RMB 12,150/mt, low RMB 11,100/mt, closed at RMB 11,312.5/mt, down RMB 987.5/mt. Discount is RMB 82.5/mt, volume is 27,356 mt, position is 82,794 mt, up 2,292 mt; inventory is 78,804 mt, down 108 mt, the record high since 1995. LME nickel fell to RMB 11,100/mt, and it has already increased by 16% since the beginning of 2009 and touched the high point during two months USD 13,550/mt.
Early this week, the buy order changed to sell order before the Dow Jones AIG Index and the S & P GSCI index weight were adjusted. At the beginning of the adjustment, the market began to concern about the weakening economic data, with increasing concern about the global economy, LME nickel plummeted. The buy order caused by index adjustment disappeared due to the weak demand of stainless steel producers in Europe and U.S.
LME nickel prices continued to decline and will fluctuate around USD 11,000/mt due to further support shortage of fundamentals.
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