SMM Morning Review - 2010/3/8 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/8 Nickel Market

SMM Insight 11:31:51AM Mar 08, 2010 Source:SMM

SHANGHAI, Mar. 8 (SMM) -- Last Friday, LME nickel prices opened at USD 22,400/mt and closed at USD 22,405/mt, with highest level of USD 22,750/mt and lowest level of USD 22,203/mt. Daily trading volumes were 1,724 lots, and positions were 101,430 lots.

The U.S. Department of Labor announced last Friday that non-farm employment figure reduced by 36,000 to 129.5 million MoM, better than market expectation, helping push up commodity prices. However, the overall prospect of current commodity prices was very delicate. There was still no bright prospect with regard to the solution to debt crisis in Greece, as Greece was not the only country that suffered debt crisis in Europe. US dollar index has fluctuated in the 80-81 range almost for a month, and is expected to make any breakthrough in the short term. From current situation, the economy vulnerability in Euro zone may be attacked by financial players, triggering further strength of US dollar index as a result. LME nickel prices will fluctuate under the context of further interest increase expectation, still need-to-be improved demand in China as well as expectation of strong US dollar index.

It is expected that LME nickel prices will be curbed by resistance pressure at high levels and will experience decline, with prices fluctuating in the USD 22,000-22,600/mt range today.

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


 
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: service.en@smm.cn

 

Key Words:  nickel Ni  nickel policy 

SMM Morning Review - 2010/3/8 Nickel Market

SMM Insight 11:31:51AM Mar 08, 2010 Source:SMM

SHANGHAI, Mar. 8 (SMM) -- Last Friday, LME nickel prices opened at USD 22,400/mt and closed at USD 22,405/mt, with highest level of USD 22,750/mt and lowest level of USD 22,203/mt. Daily trading volumes were 1,724 lots, and positions were 101,430 lots.

The U.S. Department of Labor announced last Friday that non-farm employment figure reduced by 36,000 to 129.5 million MoM, better than market expectation, helping push up commodity prices. However, the overall prospect of current commodity prices was very delicate. There was still no bright prospect with regard to the solution to debt crisis in Greece, as Greece was not the only country that suffered debt crisis in Europe. US dollar index has fluctuated in the 80-81 range almost for a month, and is expected to make any breakthrough in the short term. From current situation, the economy vulnerability in Euro zone may be attacked by financial players, triggering further strength of US dollar index as a result. LME nickel prices will fluctuate under the context of further interest increase expectation, still need-to-be improved demand in China as well as expectation of strong US dollar index.

It is expected that LME nickel prices will be curbed by resistance pressure at high levels and will experience decline, with prices fluctuating in the USD 22,000-22,600/mt range today.

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


 
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: service.en@smm.cn

 

Key Words:  nickel Ni  nickel policy