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[Ni] SMM Morning Review - 2009/11/23 Nickel Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Nov. 23 (SMM) -- LME nickel prices opened at USD 17,075/mt last Friday, with highest and lowest level at USD 17,242/mt and USD 16,575/mt, respectively, and finally prices ended at USD 16,735/mt. Total trading volumes reported 1,409 lots, and positions were 88,432 lots. LME nickel inventories remained high at 132,828 mt despite of a slight decline.
Gold futures prices have set new highs for six consecutive days last week, and global inflation expectations were prevailing, and will continue before the US loose monetary policy changes. The US dollar index continued to fluctuate in the 74.5-75.8 range recently, while market demand and inflation expectations were playing an increasing important role in determining base metal prices.
The US dollar index remains at 75.5 today, with little possibility of further gains, and LME nickel prices are expected to hover in the USD 16,600-17,200/mt range.
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