SHANGHAI, Apr. 23 (SMM) -- Yesterday, LME nickel prices opened at USD 27,300/mt, with highest and lowest level at USD 27,520/mt and USD 26,725/mt, respectively, and finally prices ended at USD 27,080/mt.  Total trading volumes reported 2,405 lots, and positions were 98,163 lots.

Moody's Investors Service cut Greece's sovereign rating by one notch to A3, and kept the new rating on review for a possible further downgrade. The US dollar index advanced as a result, and base metals prices fell in response. In addition, China's copper stocks were increasing currently, and China's imports of refined copper in March rose by over 50%, generating market concerns that Chinese demand will slow in 2H 2010, and the concerns will in turn hamper base metal prices increases in the near future.

SMM predicts LME nickel prices will continue to be restricted by market concerns today, with prices expected to move between USD 26,500-27,300/mt.

To contact the writer on this report: angelawang@smm.cn

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