SHANGHAI, Oct. 22 (SMM) -- LME nickel prices opened at USD 18,878/mt, with the highest price of USD 19,750/mt and the lowest price of USD 18,675/mt, and closed at USD 19,650/mt, with a gain of 4.11% today.
The US dollar index plunged, pushing up commodity market, and crude oil prices soared to USD 82/barrel, and base metal prices surged as well. Today, China will released GDP, and as the world's largest consumer of industrial metals, China's GDP will exert strong impact on base metal prices today. Meanwhile, Wen Jiabao, Premier Minister of the State Council, chaired a Standing Committee of the State Council yesterday and considered the management of inflation expectations as the focus of macro control. Although this news will have negative impact on metal markets to a certain extent, China will continue to implement a moderate loose monetary policy in the short term in order to continue to ensure stable and sound development of China's economy. This news will be neutral in the long run, but particular attention should be paid to price trends of base metals.
LME nickel prices will continue to climb today, with the moving range of USD 19,100-19,900/mt.
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