SHANGHAI, Jan. 18 (SMM) -- Last Friday, LME nickel prices opened at USD 18,200/mt and closed at USD 18,560/mt, with the highest level at USD 18,720/mt and lowest level at USD 18,126/mt. Daily trading volumes were 1,535 lots and positions were 96,966 lots.
Last Friday, US dollar index rebounded from bottom, reaching the highest level at 77.4 and closing above 77, which was due to lower-than-expected euro zone economic data, rumor that German Chancellor Angela Merkel will quit, announcement that European Central Bank will not raise interest rate as well as the news of debt crisis from Greece. Actually, US released both positive and pessimistic economic data last Friday, which depressed investor's confidence. Initial consumer confidence index from Reuter/U.S. University of Michigan was 72.8, lower than prior estimation of 73.9. Growth of CPI was 0.1% MoM, which is lower than prior estimation of 0.2%. Prices of base metals gradually fell due to rebound of US dollar index. However, LME nickel prices rebounded from bottom in virtue of improved demand of LME nickel recently, which helped push up prices of stainless steel and scrap stainless steel in European Union and other regions, which in turn helped stabilize recent nickel prices. Different from price performance of other base metals, LME nickel prices fluctuated on upward track last Friday.
It is expected that LME nickel prices will fluctuate in the USD 18,250-18,650/mt range today.
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