SHANGHAI, Jan. 25 (SMM) -- Last Friday, LME nickel prices opened at USD 18,990/mt and closed at USD 18,450/mt, with the lowest level at USD 18,075/mt. Daily trading volumes were 3,177 lots and positions were 87,310 lots.
Affected by the news that China would tighten its credit supply and the US government would strengthen management of banks, investors' interest in investing base metals declined. Prices performance was mixed according to different types of base metals. LME zinc prices which were overheated previously by hot money and rose relatively quickly previously, further dropped sharply, while LME nickel prices also declined due to relatively weak fundamentals. However, LME copper prices received buying support when prices fell below USD 7,200/mt propelled by consumption in Chinese market and positive fundamentals. Further impacted by bad weather in China, LME aluminum prices received buying support when prices fell below USD 2,200/mt.
Currently, base metal investors were concerned about liquid tightness in the future, and momentum of long positions was weak. Today, LME nickel prices will move in the USD 18,200-18,800/mt range as LME nickel prices didn't fall significantly when prices fell below USD 18,000/mt last Friday.
Copyright © SMM. All Rights Reserved
None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: firstname.lastname@example.org