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.
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