SMM Morning Review - 2010/12/30 Nickel Market

SHANGHAI, Dec. 30 (SMM) -- LME nickel prices opened at USD 23,860/mt overnight, and ended at USD 23,905/mt, down by USD 16/mt or 0.07%, with the highest price at USD 24,350/mt and the lowest price 23,850/mt. Daily trading volumes were 1,023 lots and positions were 100,207 lots.

LME copper prices advanced and led price rally among other base metals on Wednesday in order to catch up with price gains in US and China base metal price increases during the holiday. As China’s central bank further tightened liquidity by raising rediscount and reloan rates. In addition, LME nickel prices fell from USD 24,321/mt to USD 23,921/mt due to poor fundamentals.
 

Closed attention should be paid to released of economic data from the US, and SMM believes that LME nickel prices will move between USD 23,500-24,500/mt on December 30th. 

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