SMM Morning Review - 2010/3/29 Nickel Market-Shanghai Metals Market

Hot Keywords

  • Silicon
  • Inventory data
  • Nickel
  • Zinc
  • Copper scrap
  • Evening comments
  • Aluminium
  • Macroeconomics
  • Futures movement
  • Copper
  • Production data
  • MMi Iron Ore Port Index
  • Rare earth
  • inventory
  • Operating+rates

SMM Morning Review - 2010/3/29 Nickel Market

SMM Insight 03:24:56PM Mar 29, 2010 Source:SMM

SHANGHAI, Mar. 29 (SMM) -- Yesterday, LME nickel prices opened at USD 22,700/mt and closed at USD 23,700/mt, with highest price at USD 23,735/mt and lowest price at USD 22,700/mt. Daily trading volumes were 2,592 lots and positions were 99,238 lots.

The US Department of Commerce announced on Friday that YoY growth rate of GDP in 4Q was 5.6%, which is lower than previous expectation of 5.9% and also lower than previous level of 5.9%. Expectation of economy recovery slightly weakened, but European countries finally reached an agreement on establishing financing mechanism in order to provide its membership with low interest loan and also received aid from IMF, which weighed on US dollar index. However, strong momentum of US dollar didn't come to an end, and market players should be cautious of its rebound. Recently, fundamentals of nickel were strong, and will continue to be strong in the following one or two weeks, which will further consolidate upward momentum of nickel prices.

It is expected that LME nickel prices will move in the USD23,200-24,000/mt range today.

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 - 2010/3/29 Nickel Market

SMM Insight 03:24:56PM Mar 29, 2010 Source:SMM

SHANGHAI, Mar. 29 (SMM) -- Yesterday, LME nickel prices opened at USD 22,700/mt and closed at USD 23,700/mt, with highest price at USD 23,735/mt and lowest price at USD 22,700/mt. Daily trading volumes were 2,592 lots and positions were 99,238 lots.

The US Department of Commerce announced on Friday that YoY growth rate of GDP in 4Q was 5.6%, which is lower than previous expectation of 5.9% and also lower than previous level of 5.9%. Expectation of economy recovery slightly weakened, but European countries finally reached an agreement on establishing financing mechanism in order to provide its membership with low interest loan and also received aid from IMF, which weighed on US dollar index. However, strong momentum of US dollar didn't come to an end, and market players should be cautious of its rebound. Recently, fundamentals of nickel were strong, and will continue to be strong in the following one or two weeks, which will further consolidate upward momentum of nickel prices.

It is expected that LME nickel prices will move in the USD23,200-24,000/mt range today.

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