SHANGHAI, Mar. 25 (SMM) -- Yesterday, LME nickel prices opened at USD 22,455/mt and closed at USD 22,250/mt, with lowest price at USD 22,055/mt. Daily trading volumes were 1,179 lots and positions were 98,071 lots.
Fitch Ratings lowered Portugal's credit rating to AA- on Wednesday and warned that it will further lower Portugal's credit rating if the country's financial and economic conditions continue to show weakness. Debt crisis in Greece is only a tip of iceberg concerning the disadvantages of euro zone financial system, and US dollar index continued to advance further and exceeded resistance level of 82. Momentum of US dollar index was strong and US dollar index was expected to move up further, which will weigh on base metal prices.
After US dollar index soared yesterday, LME nickel prices were depressed below 5-day moving average, showing weak momentum recently, and might fall further. It is expected that prices will move in the USD 22,000-22,400/mt range.
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