SMM Morning Review - 2010/3/5 Nickel Market

SHANGHAI, Mar. 5 (SMM) -- On March 4th, LME nickel prices closed at USD 22,375/mt, down USD 275/mt. LME nickel prices once fell sharply to around USD 22,000/mt after profit-taking.

Dow Jones industrial average index rose by 47.38 points to 10,444.14 points, up 0.46%, with an accumulative increase of 0.15% since 2010. The Nasdaq composite index rose by 11.63 points to 2,292.31 points, up 0.51%. The Standard & Poor's 500 index rose by 4.18 points to 1,122.97 points, up 0.37%. CRB index closed at 274.80 on March 4th, down 2.91 or 1.05%, with commodity futures prices mostly decline.

The US Department of Commerce announced that factory orders in January increased by 1.7% after seasonal adjustment, and market expected that factory orders in January will increase by 2% MoM. The National Association of Realtors announced that existing home sales index fell by 7.6% to 90.4, which is lower than economists' prediction of a 0.5% increase. Mixed economic data weighted on LME nickel prices.

It is expected that LME nickel prices will continue to fluctuate at high levels in the near term.

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

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