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SMM Morning Review - 2010/9/13 Nickel Market
Sep 13,2010 09:36CST
smm insight
Source:SMM

SHANGHAI, Sep. 13 (SMM) -- Last Friday, LME nickel prices opened at USD 22,600/mt and closed at USD 22,600/mt, down by USD 199/mt from a day earlier, with the highest price at USD 22,951/mt ant the lowest price at USD 22,360/mt. Daily trading volumes were 1,896 lots and positions were 99,145 lots. LME nickel inventories were up by 204 mt to 119,160 mt.

LME base metals mostly closed lower as concerns of a possible interest rate hike in China and ongoing anxiety over a potential probe into trading in the rubber market kept cautious investors sidelined. China’s decision to release of key August inflation data to Saturday ahead of schedule from Monday has fueled speculation the country's central bank may be preparing to raise interest rates. Over the past two days, commodity market was weighed by rumor of possible probe into rubber futures market, despite denials from the Chinese authorities. The US Department of Commerce released on last Friday the US wholesale inventories in July were up by 1.3% MoM, higher than market expectation, and the is the largest growth seen in July 2008.

Low-end prices of LME nickel have been constantly lifted up. It is expected that LME nickel prices will move in the USD 22,000-23,000/mt on Monday.

 

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