SMM Morning Review - 2010/3/18 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/18 Nickel Market

SMM Insight 10:24:40AM Mar 18, 2010 Source:SMM

SHANGHAI, Mar. 18 (SMM) -- Yesterday, LME nickel prices opened at USD 21,950/mt and closed at USD 22,350/mt, with highest price at USD 22,370/mt and lowest price at USD 21,950/mt. Daily trading volumes were 1,517 lots and positions were 104,321 lots.

Unchanged low interest rate of US further weighed US dollar index and jobless pension claim declined unexpectedly in February which is the largest decline since 1997 and is an indication of strong recovery of UK economy, according to an announcement from UK National Statistics on Wednesday. In this context, US dollar index experienced weak performance and was depressed below 5-day, 10-day, 20-day and 40-day moving averages, and commodity prices received upward momentum as a result. In addition, Chinese government alleged that it was too early to raise interest rate, which providing room for base metal prices to rebound in the short term.

It is expected that LME nickel prices will have room to strengthen further, while prices will move in the USD 22,100-22,500/mt range and meet relatively strong pressure when approach USD 22,450/mt.

To contact the writer on this report: angelawang@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 - 2010/3/18 Nickel Market

SMM Insight 10:24:40AM Mar 18, 2010 Source:SMM

SHANGHAI, Mar. 18 (SMM) -- Yesterday, LME nickel prices opened at USD 21,950/mt and closed at USD 22,350/mt, with highest price at USD 22,370/mt and lowest price at USD 21,950/mt. Daily trading volumes were 1,517 lots and positions were 104,321 lots.

Unchanged low interest rate of US further weighed US dollar index and jobless pension claim declined unexpectedly in February which is the largest decline since 1997 and is an indication of strong recovery of UK economy, according to an announcement from UK National Statistics on Wednesday. In this context, US dollar index experienced weak performance and was depressed below 5-day, 10-day, 20-day and 40-day moving averages, and commodity prices received upward momentum as a result. In addition, Chinese government alleged that it was too early to raise interest rate, which providing room for base metal prices to rebound in the short term.

It is expected that LME nickel prices will have room to strengthen further, while prices will move in the USD 22,100-22,500/mt range and meet relatively strong pressure when approach USD 22,450/mt.

To contact the writer on this report: angelawang@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