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[Ni] SMM Morning Review - 2009/11/11 Nickel Market
Dec 7, 2009 13:16SHANGHAI, Nov. 11 (SMM) -- LME nickel prices opened at USD 17,500/mt yesterday, with the highest price of USD 17,540/mt and the lowest price of USD 16,760/mt, and closed at USD 16,900/mt, with the trading volume of 2,645 lots.
Today, investors took a wait-and-see attitude, as China will release import and export data, which will deliver a direction to future market movement. The US dollar index was dampened by short positions last night, and fell to 74.9 today, which will help support base metal prices.
LME nickel prices remained in downward track recently negatively affected by sluggish demand in stainless steel markets, but the US dollar index is expected to fall further, limiting any downward movement for LME nickel prices. Today, LME nickel prices are expected to move in the USD 16,800-17,200/mt range.
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