SMM Morning Review - 2010/2/24 Nickel Market

SHANGHAI, Feb. 24 (SMM) -- LME nickel prices dropped, and closed at USD 20,129/mt, down USD 346/mt.

The Conference Board reported that U.S. Consumer Confidence Index in February fell to 46.0, down from January's revision of 56.5 and also far lower by 10 points compared with economists' expectation of 54.8. In this context, concerns over future expenditures aggravated, and prices in stock market and oil market were both down. DOW Jones industrials average fell by 100.97 points to 10,282.41 points, down 0.97%, which is the weakly lowest level. The Standard & Poor's 500 index fell by 13.41 points to 1094.60 points, down 1.21%. The Nasdaq composite index fell by 28.59 points to 2213.44 points, down 1.28%. The uncertainties of economic outlook aggravated, so that many investors withdrew from the market, weighing on nickel market.

It is expected that lead prices will continue to fall in the future.

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

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