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SMM Morning Review - 2011/2/11 Nickel Market
Feb 11,2011 09:43CST
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Source:SMM

SHANGHAI, Feb. 11 (SMM) -- LME nickel prices opened at USD 28,320/mt and closed at USD 28,135/mt overnight, down by USD 265/mt from a day earlier, with the highest price at USD 28,600/mt and the lowest price at USD 27,801/mt. Daily trading volumes were 2,925 lots and positions were 98,680 lots. LME nickel inventories were down by 432 mt, to 131,898 mt.

LME base metals largely ended with losses on Thursday, due to stronger US dollar and lack of buying from China. The euro was weak against the US dollar on Thursday from a slew of negative news like that bond yields of Portugal increased and that the president of Egypt will resign. In this context, the euro slipped to 1.3577 versus the US dollar. 

Close attention should be paid to imports and exports data and consumer confidence data from the US. SMM expects that LME nickel prices will still fluctuate around USD 28,000/mt on February 11th.

 

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