Metals News
[Ni] SMM Morning Review - 2009/10/21 Nickel Market
smm insight
Dec 7,2009

SHANGHAI, Oct. 21 (SMM) -- LME nickel prices opened at USD 19,275/mt, with the highest price of USD 19,425/mt and the lowest price of USD 18,824/mt, and closed at USD 18,875/mt. The trading volume was 1,065 lots.

    The US Labor Department released on Tuesday that the producer price index (PPI) in September fell by 0.6% on a monthly basis, flat with previous market forecast. The US Department of Commerce released on Tuesday that the housing data was lower than expected. The housing starts in September were 590,000 units, while the previous market forecast was 610,000 units. The negative US economic data released yesterday dragged down the US stocks and drove up the US dollar index, which weighed on base metal prices, and base metal prices plunged after surged as a result.

    LME nickel prices will continue to fluctuate on the high levels today, with the moving range of USD 18,600-19,200/mt.


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