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SMM Morning Review - 2010/12/22 Nickel Market
Dec 22, 2010 09:35Source: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.
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