SMM Morning Review - 2010/3/9 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/9 Nickel Market

SMM Insight 10:04:25AM Mar 09, 2010 Source:SMM

SHANGHAI, Mar. 9 (SMM) -- On Monday, LME nickel prices opened at USD 22,450/mt and closed at USD 22,200/mt, with highest level at USD 22,825/mt and lowest level at USD 22,071/mt. Daily trading volumes were 1,335 lots, and positions were 101,866 lots.

The U.S. Conference Board announced that employment trend index rose to 93.5 in February, improving for six consecutive years. As the market is still waiting for release of other economic data to be anounced this week, market sentiment was relatively sluggish. US dollar index fluctuated weakly and still met strong resistance at 80.5. However, US dollar index is expected to make any breakthrough in the short term due to unreleased upward momentum, and may have room to rebound further, exerting certain pressure to base metal prices as a result.

It is expected that LME nickel prices will continue to experience fluctuations at high levels today and will move in the USD 22,000-22,600/mt range.

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 price 

SMM Morning Review - 2010/3/9 Nickel Market

SMM Insight 10:04:25AM Mar 09, 2010 Source:SMM

SHANGHAI, Mar. 9 (SMM) -- On Monday, LME nickel prices opened at USD 22,450/mt and closed at USD 22,200/mt, with highest level at USD 22,825/mt and lowest level at USD 22,071/mt. Daily trading volumes were 1,335 lots, and positions were 101,866 lots.

The U.S. Conference Board announced that employment trend index rose to 93.5 in February, improving for six consecutive years. As the market is still waiting for release of other economic data to be anounced this week, market sentiment was relatively sluggish. US dollar index fluctuated weakly and still met strong resistance at 80.5. However, US dollar index is expected to make any breakthrough in the short term due to unreleased upward momentum, and may have room to rebound further, exerting certain pressure to base metal prices as a result.

It is expected that LME nickel prices will continue to experience fluctuations at high levels today and will move in the USD 22,000-22,600/mt range.

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 price