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SMM Daily Review - 2010/1/11 Nickel Market
Jan 12,2010 11:51CST
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Source:SMM

SHANGHAI, Jan. 12 (SMM) -- On Friday, LME nickel prices fell to 5-day moving average at USD 17,870/mt and closed above USD 18,000/mt again due to weak performance of US dollar. On Monday, LME nickel prices rebounded from USD 18,000/mt to USD 18,250/mt when US dollar index lingered at low level around 77. LME nickel prices fluctuated widely between 10-day moving average and 20-day moving average. Technically indexes indicated downward price trend in the short term, and LME nickel prices might face difficulty in maintaining steady climb as before.

In the Shanghai nickel market, a wait-and-see sentiment prevailed in the market in the morning session, but nickel market was inspired by rebound of LME nickel prices. Cargo-holders confidence in price increases was picked up again, and they were reluctant to move goods and raised offers. In the afternoon, inquires increased, and some downstream consumers began to make purchase. Nickel prices fluctuated widely on Monday. Prices of nickel from Jinchuan Group were raised from RMB 141,500/mt to RMB 142,500/mt, and prices of imported nickel stood firmly at RMB 141,000/mt and climbed slightly at RMB 141,800/mt. Then overall trading sentiment was moderate.

 

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