SHANGHAI, Dec. 21 (SMM) -- LME nickel market opened at USD 24,900/mt and closed at USD 24,750/mt overnight, down by USD 105/mt or 0.42% from a day earlier, with the highest price at USD 25,000/mt and the lowest price at USD 24,570/mt. Daily trading volumes were 1,696 lots and positions were 100,699 lots.
Tensions on Korea Peninsular exacerbate, and European debt crisis still lingers. In addition, a rumor on interest rate hike is spreading, and impact from ETF transactions still lingers. Furthermore, it was reported yesterday that BHP Billiton halted production at its nickel refinery. LME nickel prices were still on fluctuation trend amid intense struggle between longs and shorts. LME nickel transactions were choppy from profit-taking by the year end, and the US dollar’s climb from 80.362 to 80.66 also widened LME nickel price fluctuation range. LME nickel prices fell to USD 24,750/mt immediately after climbing to test USD 25,000/mt.
SMM predicts that LME nickel prices will move between USD 24,000-25,000/mt on December 21st.
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