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SMM Morning Review - 2010/9/29 Nickel Market
Sep 29,2010 09:41CST
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Source:SMM

SHANGHAI, Sep.29 (SMM) -- On Tuesday night, LME nickel prices opened at USD 23,000/mt and closed at USD 23,195/mt, up by USD 75/mt from a day earlier, with the highest price at USD 23,249/mt and the lowest price at USD 22,700/mt. Daily trading volumes were 1,362 lots and positions were 97,044 lots. LME nickel inventories were up by 1,176 mt to 122,208 mt.

According to data released on Tuesday from the US Conference Board, the U.S. consumer confidence fell sharply in September to 48.5, far lower than economists' expectations of 52.0. The figure was the lowest reading since February 2010. The fighter weighed on the US dollar and boosted the base metal market. Concerns about the impact of the Irish bank bailout on Ireland's finances, and concerns over possible lower credit rating in Spain by Moody sparked a euro sell-off during the early part of European trading.
Since participants from China largely adopt a wait-and-see attitude before the National Day holiday beginning on this Friday, it is expected that LME nickel prices will move narrowly between USD 22,700-23,300/mt on Wednesday.

 

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