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[Ni] SMM Morning Review - 2009/11/17 Nickel Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Nov. 17 (SMM) -- LME nickel prices opened at USD 16,175/mt yesterday, with highest and lowest level at USD 16,875/mt and USD 16,175/mt, respectively, and finally prices ended at USD 16,865/mt. Total trading volumes reported 1,493 lots, and positions were 93,918 lots.
On Monday, the US Commerce Department announced that retail sales in October grew by 1.4% from September levels, higher 1.0% than expected. The positive news supported investor confidence towards end-use demand. Both SHFE base metal and Chinese stock markets rallied. The US dollar index fell further in the evening, hitting as low as 74.68, and the US stock markets advanced 1.33%, and all of those supported higher base metal markets.
Although having struggled around USD 16,000/mt recently due to depressed fundamentals, LME nickel prices were pushed up by rising trends of other base metals yesterday. SMM believes LME nickel prices will fluctuate in the USD 16,200-16,900/mt range today, as investment enthusiasm remains.
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