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SMM Morning Review - 2010/2/8 Nickel Market
Feb 8,2010 10:33CST
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Source:SMM

SHANGHAI, Feb. 8 (SMM) -- Last Friday, LME nickel prices opened at USD 17,700/mt and closed at USD 17,100/mt, with the highest level at USD 17,830/mt and the lowest level at USD 17,100/mt. Daily trading volumes were 4,444 lots and positions were 88,223 lots.

US Department of Labor released on last Friday that employment figures fell by 20,000 in January, lower than analysts' prediction of an increase of 15,000. However, unemployment rate declined to 9.7%, better than previous prediction of 10%. As debt crisis continued to deteriorate in the Euro zone, and market panic sentiment further expanded and aggravated as market concerned that history like bankruptcy at Lehman Brothers would repeat itself. In this context, US dollar further experienced strong performance to surpass 80.5 and hit the highest level at 80.68. However, US dollar will meet strong resistance after hitting 80.68, and any upward momentum of US dollar will be weak. It is expected that US dollar remain its fluctuate downward trend, which will give certain support to base metal prices that declined in a panic recently.

It is expected that LME nickel prices will continue to move downward, depressed by pessimistic views over economy recovery, and will move in the USD 16,900-17,500/mt range today.


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