SHANGHAI, Mar. 26 (SMM) -- Yesterday, LME nickel prices opened at USD 22,200/mt and closed at USD 22,650/mt, with highest price at USD 22,837/mt and lowest price at USD 22,100. Daily trading volumes were 1,475 lots and positions were 95,845 lots.
Sovereign debt crises still exerted impact on US dollar index, and US dollar index further advanced to 82.24 yesterday, but metal prices became insensitive to the news and decline trend of US dollar weakened significantly. The US Department of Labor announced on Thursday that the number of initial unemployment pension claim on March 20th last week dropped to 442,000, which is lower than previous estimation of 450,000, boosting investors' confidence of optimistic expectation on economy recovery in the future. France and Germany reached an initial agreement on bilateral loans plan to Greece, and IMF also participated in the plan, which released a glimmer of hope in unsolved Greek debt crisis. However, as disadvantages of financial crisis in euro zone expanded, weak performance of euro will not reverse in the short term, although aid plan on Greek debt crisis was settled.
It is expected that LME nickel prices will continue to test yesterday's high of USD 22,837/mt today, and once such high level was broken, prices will directly pointy to previous high of USD 23,040/mt. It is expected that prices LME nickel prices will move in the USD 22,150-22,750/mt range today.
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