Metals News
SMM Morning Review - 2010/12/27 Nickel Market
smm insight

SHANGHAI, Dec. 27 (SMM) -- LME nickel prices opened at an intraday low at USD 23,800/mt last Friday, and closed at USD 23,921/mt, up by USD 81/mt or up by 0.34% from a day earlier, with the highest price at USD 24,100/mt. Daily trading volumes were 560 lots and positions were 100,670 lots. LME nickel prices fluctuated narrowly last Friday. With the coming of Christmas holiday, buying interest waned in the short term and trading sentiment was neutral, with players largely liquidating their positions.

Market risk appetite is affected by many factors, such as European financial crisis, uncertainties of additional stimulus measures from the US, concern over China’s further monetary policy as well as launch of physically-backed ETFs. China’s central bank unexpectedly raised RMB benchmark deposit and lending interest rates by 0.25%, effective from December 26th, which is expected to weigh base metal prices. 

LME market will be closed on December 27th.


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