SHANGHAI, Oct. 29 (SMM) -- LME nickel prices opened at USD 18,600/mt yesterday, with the highest price of USD 18,812/mt and the lowest price of USD 17,647/mt, and closed at USD 17,875/mt. Total trading volumes were 2,235 lots.
The US Department of Commerce announced on Wednesday that the US durable goods orders in September rose by 1.0%, which is in line with expectations, but the US new home sales in September fell by 3.6% on a monthly basis to an annual rate of 402,000 units, lower than market expectation of 440,000 units. The US dollar index climbed to 76.5 again due to concerns about global economic recovery, exerting greater pressure on base metal prices. On Thursday, the US will release its GDP in 3Q, and market players predict it will be positive. If the US GDP is positive, how to withdraw from the current loose monetary policy will be another round of market focus, which will help support the US dollar index.
LME nickel prices are expected to slip further, and the possible positive US GDP data will further weigh on LME nickel prices. LME nickel prices will move in the USD 17,500-18,200/mt range today.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: firstname.lastname@example.org or tel:86-21-51550040