SHANGHAI, Jan. 29 (SMM) -- On Wednesday, LME nickel prices opened at USD 18,000/mt and closed at USD 18,200/mt, with the highest level at USD 18,505/mt and the lowest level at USD 17,740/mt. Daily trading volumes were 2,917 lots and positions were 83,877 lots.
Although prices of other base metals declined in a panic both in LME and SHFE market, LME nickel prices experienced stable performance by virtue of weak speculative buying previously. As global economy do recover, bubble burst of LME base metal prices in the short term will help their long-term development on 2010. The US Department of Commerce released on Thursday that orders for U.S.-manufactured durable goods rose 0.3 percent in December. US Department of Labor released on Thursday, January 23rd that number of jobless claim declined to 470,000 at the beginning of this week, higher than prediction from Reuters of 450,000. Obama stated in his State of the Union Address on Wednesday that employment is the most important task in 2010, and the government will provide favorable tax policy for small companies in an effort to stimulate more job opportunity. Markets will wait-and-see the effect of the policy.
It is expected that LME nickel prices will continue to move on upward track, and will fluctuate in the USD 18,000-18,600/mt range today.
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