SMM Morning Review - 2010/12/8 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 2010/12/8 Nickel Market

SMM Insight 09:40:54AM Dec 08, 2010 Source:SMM

SHANGHAI, Dec. 8 (SMM) -- US president Barack Obama reached a consensus with Republican Party on extending preferential tariff cut policy which was adopted during Bush administration. The agreement increased investors’ risk appetite for global equity markets, commodity markets and high-risk asset investment. Yields of the US treasury bond climbed in response, and recorded the largest growth since June 2009.

LME base metal prices surged in response. LME nickel market opened at a intraday low at USD 23,600/mt overnight and fluctuated on upward track to USD 24,200/mt. However, market expectation over increasing inflationary pressure from CPI to be released this week is exacerbating, triggering concern that further tightening measures may be released. In this context, LME nickel prices fell from high to USD 24,200/mta and closed at USD 23,830/mt, up by USD 131/mt or up by 0.55% from a day earlier. Daily trading volumes were 2,586 lots and positions were 95,686 lots.

SMM believes that LME nickel prices will move between USD 23,000-24,000/mt on December 8th. 

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

SMM Morning Review - 2010/12/8 Nickel Market

SMM Insight 09:40:54AM Dec 08, 2010 Source:SMM

SHANGHAI, Dec. 8 (SMM) -- US president Barack Obama reached a consensus with Republican Party on extending preferential tariff cut policy which was adopted during Bush administration. The agreement increased investors’ risk appetite for global equity markets, commodity markets and high-risk asset investment. Yields of the US treasury bond climbed in response, and recorded the largest growth since June 2009.

LME base metal prices surged in response. LME nickel market opened at a intraday low at USD 23,600/mt overnight and fluctuated on upward track to USD 24,200/mt. However, market expectation over increasing inflationary pressure from CPI to be released this week is exacerbating, triggering concern that further tightening measures may be released. In this context, LME nickel prices fell from high to USD 24,200/mta and closed at USD 23,830/mt, up by USD 131/mt or up by 0.55% from a day earlier. Daily trading volumes were 2,586 lots and positions were 95,686 lots.

SMM believes that LME nickel prices will move between USD 23,000-24,000/mt on December 8th. 

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn