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.
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