Metals News
SMM Morning Review - 2010/3/10 Nickel Market
smm insight
Mar 10,2010

SHANGHAI, Mar. 10 (SMM) -- On Tuesday, LME three month nickel contract prices closed at USD 22,320/mt, up USD 21/mt. LME nickel inventories were down by 312 mt to 159,912 mt on March 9th, indication of improved demand and further supporting nickel prices.

According to a survey released on March 9th by U.S. ABC / Washington Post, U.S. consumer confidence index was unchanged from last week's level till March 7th. The Dow Jones industrial average index closed up by 11.86 points to 10,564.38 points, up 0.11%. The Nasdaq Composite Index closed up by 8.47 points to 2,340.68 points, highest closing level in recent six months. The Standard & Poor's 500 index rose by 1.95 points to 1,140.45 points, up 0.17%. Optimistic market sentiment was growing due to steady increases of stocks and the recovered consumers' confidence. U.S. dollar gradually declined due to warming up of investors' risk appetite, lending supporting to nonferrous metal prices as a result.

It is expected that nickel prices are expected still fluctuating at high levels. 

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