SMM Morning Review - 2010/12/22 Nickel Market-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Futures movement
  • Zinc
  • Copper
  • MMi Iron Ore Port Index
  • Aluminium
  • Stainless steel
  • Nickel
  • Market commentary
  • Macroeconomics
  • Copper scrap
  • Tin
  • Evening comments
  • inventory
  • Morning comments

SMM Morning Review - 2010/12/22 Nickel Market

SMM Insight 09:35:35AM Dec 22, 2010 Source:SMM

SHANGHAI, Dec. 22 (SMM) -- LME nickel prices opened at USD 24,650/mt and closed at USD 24,455/mt overnight, down by USD 51/mt or 0.21% from a day earlier, with the highest price at USD 24,895/mt and the lowest price at USD 24,455/mt. Daily trading volumes were 1,553 lots and positions were 100,986 lots.

Funds flowed into other base metal markets but avoided to enter nickel market due to its poor fundamentals overnight. In this context, LME nickel prices fluctuated widely and presented a “V” shaped movement. Market has reached a consensus on global nickel oversupply. In addition, China’s NPI output will increase significantly and demand for nickel plate will be weak.

SMM believes that LME nickel prices will move between USD 24,000-25,000/mt on December 22nd.

 

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 - 2010/12/22 Nickel Market

SMM Insight 09:35:35AM Dec 22, 2010 Source:SMM

SHANGHAI, Dec. 22 (SMM) -- LME nickel prices opened at USD 24,650/mt and closed at USD 24,455/mt overnight, down by USD 51/mt or 0.21% from a day earlier, with the highest price at USD 24,895/mt and the lowest price at USD 24,455/mt. Daily trading volumes were 1,553 lots and positions were 100,986 lots.

Funds flowed into other base metal markets but avoided to enter nickel market due to its poor fundamentals overnight. In this context, LME nickel prices fluctuated widely and presented a “V” shaped movement. Market has reached a consensus on global nickel oversupply. In addition, China’s NPI output will increase significantly and demand for nickel plate will be weak.

SMM believes that LME nickel prices will move between USD 24,000-25,000/mt on December 22nd.

 

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