SHANGHAI, Jan. 20 (SMM) -- On Tuesday, LME nickel prices opened at USD 18,810/mt and closed at USD 19,350/mt, with the highest level at USD 19,370/mt and lowest level at USD 18,675/mt. Daily trading volumes were 2,430 lots and positions were 100,542 lots.
Announcement released on January 19th that Citigroup suffered from profit losses in 4Q as well as negative news on Greece's credit rating, all pushes up US dollar to hedge against risks. US dollar index moved above 77.5, but failed to depress LME nickel prices. LME nickel prices moved narrowly around 5-day moving average, and both MACD and KD all showed upward price movement.
Nickel prices in spot market consolidated recently, helping drive up nickel prices which had been oppressed last year. It is expected that nickel market will remain bullish and will receive momentum to move up further.
It is expected that LME nickel prices will move in the USD 19,000-19,500/mt range, and will face pressure at USD 19,500/mt.
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