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[Ni] SMM Morning Review - 2009/11/18 Nickel Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Nov. 18 (SMM) -- LME nickel prices opened at USD 16,900/mt yesterday, with highest and lowest level at USD 17,000/mt and USD 16,592/mt, respectively, and finally prices ended at USD 16,870/mt. Total trading volumes reported 1,525 lots, and positions were 93,918 lots.
The US Fed announced on Tuesday that the industrial output in October increased by 0.1%, with capacity utilization rate reaching 70.7%. The US dollar index rebounded strongly after hit the low level of 74.68 on Monday, but fell after hit 75.61, an indication of strong pressure around 75.6. Base metal prices climbed propelled by speculative funds regardless of strong rebound in the US dollar index, but market concerns over actual demand remained unchanged.
LME nickel market fundamentals remained weak, and both waning global nickel demand and sluggish stainless steel market curbed any upward movement for nickel prices, so LME nickel prices are expected to move in the USD 16,500-17,200/mt range today.
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