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SMM Morning Review - 2010/1/22 Nickel Market
Jan 22,2010 10:29CST
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SHANGHAI, Jan. 22 (SMM) -- On Thursday, LME nickel prices opened at USD 18,950/mt and closed at USD 18,950/mt, with the highest level at USD 19,150/mt and lowest level at USD 18,650/mt. Daily trading volumes were 1,975 lots and positions were 87,084 lots.

China announced important economic data on Thursday, with GDP up 8.7% YoY, CPI up 1.9% MoM. Countries' views were mixed towards these data after the announcement, and they were mainly concerned about China's monetary tightening in the future. Buying of US index was further increased to avoid risks and US dollar index rose to 78.81, which depressed prices of base metals. Currently, overseas countries paid close attention to China's policies, and global investors dare not to be overoptimistic in the economic situation in 2010 due to frequent monetary polices adopted by China to curb inflation. The temporarily and cautiously wait-and-see sentiment will still linger in the market in the near future.

Yesterday, LME nickel prices faced relatively strong pressure at USD 19,350, and stood firmly above 20-day moving average currently. In addition, prices received support due to demand in spot market recently, and still received upward momentum to climb further.

It is expected that LME nickel prices will move in the USD 18,700-19,200/mt range today.


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