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SMM Morning Review - 2010/9/17 Nickel Market
Sep 17,2010 09:40CST
smm insight
Source:SMM

SHANGHAI, Sep. 17 (SMM) -- On Wednesday night, LME nickel prices opened at USD 23,225/mt and closed at USD 23,130/mt, down by USD 73/mt from a day earlier, with the highest price at USD 23,390/mt and the lowest price at USD 22,886/mt. Daily trading volumes were 1,698 lots and positions were 93,512 lots. LME nickel inventories were down by 96 mt to 119,760 mt.

Mixed US data failed to provide any clear direction for the market, and LME nickel prices ended with slight losses. The US Department of Labor announced unemployment benefit claims unexpectedly fell last week to a 2-month low, boosting sentiment and indicating labor market has stabilized to certain extent. But the Federal Reserve Bank of Philadelphia reported manufacturing activity index in the US mid-Atlantic region was -0.7 in September and was -7.7 in August. The weak data dampened bullish sentiment from unemployment benefit claims. However, base metal prices were supported by strong euro for most time during trading session. The euro hit a month high against the US dollar.

It is expected that LME nickel prices will remain fluctuation trend and move between USD 22,700-23,400/mt on Friday.

 

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