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SMM Daily Review - 2010/1/6 Nickel Market
Jan 7,2010 10:20CST
smm insight

SHANGHAI, Jan. 7 (SMM) -- LME nickel prices fluctuated in the USD 18,650-18,900/mt range on Tuesday, failing to break through USD 19,000/mt. LME nickel prices continued to head for USD 19,000/mt yesterday, receiving support from below 10-day moving average, but KDJ indicator narrowed further.

In Shanghai nickel market, the upward momentum for nickel prices was affected negatively by LME nickel prices, with prices for goods from Jinchuan Group in the RMB 141,500-142,000/mt range, while prices for imported nickel were firm at RMB 141,000/mt, with limited supply. Today, trades stagnated yesterday, but optimism remained unchanged, with supply still limited.


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