SHANGHAI, Apr. 9 (SMM) -- LME nickel prices opened at USD 24,725/mt and closed at USD 24,750/mt, with highest price at USD 24,800/mt and lowest price at USD 24,269/mt. Daily trading volumes were 1,530 lots, and positions were 104,332 lots.
The number of US initial jobless pension claim on April 3rd increased to 460,000, hither than previous expectation of 435,000. The mixed employment figure dragged US dollar index down from high levels, which helped support base metal prices. The expectation of RMB appreciation increased further. Although the external pressure of RMB appreciation weakened, the inner expectation of RMB appreciation is spreading in the market. Close attention should be paid to the dialogue between US Treasury Secretary Timothy Geithner and the Chinese Vice Present Wang Qishan. The previously highly-pushed LME nickel prices resulted in the fact that many downstream purchasers diverted their purchasing interest to other products, which may reduce demand of nickel from downstream consumers.
LME nickel prices are expected to experience corrections after surging high, and are expected to move in the USD 24,200-24,900/mt range today.
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