SHANGHAI, May 12 (SMM) -- LME nickel prices opened at USD 22,950/mt yesterday, and closed at USD 22,675/mt, with highest price at USD 23,175/mt and lowest price at USD 21,820/mt. Daily trading volumes were 3,215 lots and positions were 95,026 lots.
China's April macroeconomic data released yesterday strengthen the market expectation of interest rate hike, with CPI up 2.8% and PPI up 6.8%, triggering market expectations for China's macroeconomic regulation and resulting in significant decline of basic metal prices yesterday. The dollar index stood above 84 and currently hovered around 84.5. Affected by concern over debt crisis in euro zone as well as the concern over a second arrival of economic crisis, the US dollar index will advance further as a tool to hedge against financial risks. In this context, the US dollar index still has upward momentum, and will weigh base metal prices.
It is expected that LME nickel prices will extend the fluctuation trend, and will move between USD 22,000-23,000/mt.
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