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SMM Morning Review - 2010/2/10 Nickel Market
Feb 10,2010 10:32CST
smm insight
Source:SMM

SHANGHAI, Feb. 10 (SMM) -- On Monday, LME nickel prices opened at USD 17,300/mt and closed at USD 17,630/mt, with the highest level at USD 17,800/mt and the lowest level at USD 17,050/mt. Daily trading volumes were 1,226 lots and positions were 91,696 lots.

US dollar declined further as panic sentiment from debt crisis in Euro zone gradually waned, and will meet strong pressure at 80 in the short run. If no panic news is released in the market, US dollar may have difficulty in surpassing 80. Prices of commodities need support from real demand in the market, but demand will be relatively weak before the Chinese New Year Holiday temporarily, which will curb the climb trend of LME nickel prices to certain extend. It is expected that prices will advance to certain extend during pre-holiday period, which is mainly attributed to increased buying at low prices after panic selling, however, a stable upward price trend shall rely on the recovery of demand after the Chinese New Year Holiday.

It is expected that LME nickel prices will climb further today, with prices moving in the USD 17,400-17,900/mt range.

To contact the writer on this report: angelawang@smm.cn

 

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