SHANGHAI, Mar. 3 (SMM) -- On March 2nd, LME nickel prices closed at USD 22,290/mt, up USD 820/mt. LME nickel prices increased during the European trading hours, with positions slightly increased to 98,665. On March 2nd, the US stock market closed slightly higher, due to favorable economic data from the manufacture sectors. Dow Jones industrial average index rose by 2.19 points to 10,405.98 points, up 0.02%. The Nasdaq composite index rose by 7.22 points to 2280.79 points, up 0.32%. The Standard & Poor's 500 index rose by 2.60 points to 1118.31 points, up 0.23%, with materials and new energy stocks leading the rise. CRB index closed at 275.13 on March 2nd, up 2.42 or 0.89%. In the afternoon session, Reserve Bank of Australia increased interest rate, which was once suspended, by 25 basic points to 4%. This move is in line with market expectation and weighed on US dollar index before closing. The Euro versus the dollar rebounded from 9 months and a half low, and investors were waiting for new plans to tackle debt crisis in Greece. The Creek cabinet will convene a meeting on March 3rd to make up economic measures, which will help the Euro step from bottom line. Investors' confidence resumed and the Euro and the Pound began to rebounded, which will be favorable for metal market.
It is expected that nickel prices will move at high levels around USD 22,000/mt in the near term.
To contact the writer on this report: firstname.lastname@example.org
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: email@example.com