Metals News
[Ni] SMM Morning Review - 2009/11/10 Nickel Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Nov. 10 (SMM) -- LME nickel prices opened at USD 17,400/mt yesterday, with the highest price of USD 17,740/mt and the lowest price of USD 17,350/mt, and closed at USD 17,460/mt, with the trading volume of 1,396 lots.

    The Organization for Economic Co-operation and Development (OECD) released a survey on Friday that the leading indicator in September rose to 100.6 from 99.3, and most major economies showed signs of improvement, and the US and Japan reported significant economic recovery, while the economic growth of selected European countries and China was also strong. In this context, the US dollar index continued to slip to 74.94, hitting a new low since October 21st, and is expected to rebound slightly in the short term.

    LME nickel prices will face limited resistance today, and market concerns over future demand will hamper any upward movement for base metal prices in the near term. LME nickel prices are expected to move in the USD 17,300-17,800/mt range today.

 

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