SHANGHAI, Dec. 13 (SMM) -- LME nickel prices opened at USD 23,550/mt last Friday and slipped to the lowest at USD 23,410/mt. Investors’ concern over interest rate hike eased to certain extent after China Central Bank’s announcement to raise reserve requirement ratio by 0.5 percentage points. LME nickel prices rose rapidly to the highest at USD 24,050/mt in response, and closed at USD 24,000/mt, up by USD 448/mt or up by 1.9%. Daily trading volumes were 1,654 lots and positions were 96,258 lots.
According to data released on Saturday from National Bureau of Statistics, China’s PPI in November was up by 6.1% YoY and CPI was up by 5.1% YoY. China’s Central Bank raised bank requirement reserve ratio (RRR) again to record high at 18.5% before announcing economic data, tightening liquidity.
SMM expects that LME nickel prices will move between USD 23,500-24,500/mt on December 13th.
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