Metals News
SMM Morning Review - 2010/3/16 Nickel Market
smm insight
10:13AM
Mar 16,2010
Source:SMM

SHANGHAI, Mar. 16 (SMM) -- Yesterday, LME nickel prices opened at USD 21,600/mt and closed at USD 21,575/mt, with highest price at USD 21,700/mt and lowest price at USD 21,300/mt. Daily trading volumes were 1,391 lots and positions were 108,209 lots.

Expectation of China's interest rate hike is increased as Premier Wen stated that RMB was not undervalued. In this context, the anticipation of RMB appreciation is reduced and expectation of interest rate hike is pushed up. US dollar index rebounded slightly due to stronger expectation of Sino-US trade frictions, and was above 80 again. U.S. Federal Reserve announced on Monday that industrial production in February increased by 0.1% MoM, and capacity utilization reached 72.7%, higher than market expectation of 72.6%. US dollar is expected to rebound further in the near term, which is mainly due to no progress of Greece debt crisis. In this context, base metal prices will be slightly weaker in the near term weighed by poor fundamentals and tight liquid.

It is expected that LME nickel prices will advance weakly, and prices may fluctuate in the USD 21,300-21,800/mt range today.

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


 

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