Metals News
SMM Morning Review - 2010/3/15 Nickel Market
smm insight
Mar 15,2010

SHANGHAI, Mar. 15 (SMM) -- Yesterday, LME nickel prices opened at USD 21,350/mt and closed at USD 21,800/mt, with highest price at USD 21,800/mt and lowest price at USD 21,200/mt. Daily trading volumes were 1,768 lots and positions were 106,648 lots.

According to data released last Friday from Eurostat, industrial production in January in Euro zone rose 1.7% MoM, and the favorable figure resulted in reduced short positions of Euro. In this context, US dollar index fell below 80, touching lowest level at 79.69, and received support at 40-day moving average, pushing up base metal prices as a result. Recently, long position sentiment was still weak, and downstream demand hasn't improved significantly yet. In addition, concerns over tight liquid will depress base metal market for a long time and will limited growth of base metal prices, given the fact that China is under great challenge to prevent inflation.

It is expected that LME nickel prices will still slightly weak today, and prices may fluctuate in the USD 21,200-21,800/mt range.

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