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[Ni] SMM Morning Review - 2009/11/13 Nickel Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Nov. 13 (SMM) -- LME nickel prices opened at USD 16,900/mt yesterday, with the highest price of USD 17,080/mt and the lowest price of USD 15,955/mt, and closed at USD 16,220/mt, with the trading volume of 2,801 lots.
Yesterday, the US dollar index rebounded sharply to 75.77 from 75, directly weighing on base metal prices. The US Department of Labor announced on Thursday that the number of initial application for unemployment benefits in the US during last week dropped to 502,000, lower than previous forecast of 510,000, setting a new low since January 3rd. However, the US dollar index rebounded strongly despite of this positive data. Although the US dollar index will remain in downward track in the long run, it will receive strong support at 74 from long positions, and is expected to fluctuate in the 74.5-76 range, with close relation to monetary policies in various countries.
LME nickel prices have fallen below USD 16,000/mt amid weak market fundamentals, and are expected to move in the USD 16,000-16,600/mt range today.
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