Metals News
[Ni] SMM Morning Review - 2009/11/20 Nickel Market
smm insight
Dec 7,2009

SHANGHAI, Nov. 20 (SMM) -- LME nickel prices opened at USD 17,125/mt yesterday, with highest and lowest level at USD 17,242/mt and USD 16,815/mt, respectively, and finally prices ended at USD 17,100/mt.  Total trading volumes reported 1,311 lots, and positions were 88,003 lots.

    The Philadelphia Federal Reserve Bank released on Thursday that the index of manufacturing activity in November was 16.7 in the US mid-Atlantic region; the US Conference Board released on Thursday that the leading indicator in October rose by 0.3%, a rise for seven consecutive months, while previous forecast was a 0.5% growth. Yesterday, the US dollar index was dampened by short positions after surged to 75.5. However, the US dollar will continue to depreciate as the US will maintain low interest rate, stimulating market expectation of inflation, and more speculative funds will enter base metal markets as a result. Struggles between long and short positions intensified when base metal prices were high, since recent increases in base metal prices were mainly propelled by speculative funds, with market fundamentals remaining weak.

    LME nickel prices are expected to move in the USD 16,600-17,300/mt range today, and weak market fundamentals will continue to restrict LME nickel price below 5-day moving average line in the near future, with a sign of decline.


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