SMM Daily Review - 2010/1/13 Nickel Market

SHANGHAI, Jan. 14 (SMM) -- On Tuesday night, LME nickel prices fell below 60-day moving average. On Wednesday, prices tested USD 17,325/mt. Technically, although BRAR indicated downward price trend, KDJ suggested weak momentum for price to fell.

In the Shanghai nickel market, Jinchuan Group cut nickel ex-works prices by RMB 4,000/mt to RMB 139,000/mt on January on Wednesday. Goods from Jinchuan goods struggled to be trade at RMB 140,000/mt, but deals were mainly made by traders who were optimistic towards price trend in the future. Prices of imported nickel were in the RMB 139,000-139,500/mt range. Prices of nickel from Jinchuan group had difficulty in standing above RMB 140,000/mt and might be adjusted further.

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