Metals News
SMM Morning Review - 2011/3/14 Nickel Market
smm insight
09:45AM
Mar 14,2011
Source:SMM

SHANGHAI, Mar. 14 (SMM) -- LME nickel prices opened at USD 26,065/mt and closed at USD 25,900/mt, down by USD 165/mt from a day earlier, with the highest price at USD 26,300/mt and the lowest price at USD 25,300/mt. Daily trading volumes were 2,636 lots and positions were 111,889 lots. LME nickel inventories were down by 156 mt to 129,858 mt.                 

LME base metal prices largely ended with losses last Friday. LME nickel futures contract for delivery in three months firstly declined but later advanced, with prices finally closing below yesterday's settlement price. At present, LME nickel prices moved below all moving averages, facing downward pressure in the short term. The strong earth quake in Japan didn't lead to significant decline of futures price, as market expected growing demand for metals after the earthquake. This expectation pared Last Friday's partial losses. 

Prices stabilized to certain extent after deep correction, but concerns over global economy outlook dampened market sentiment. Negative factors such as Japan's earthquake, China's inflation, the Fed Reserves’ meeting, Middle East tension as well as the European debt crisis all added uncertainties over economic recovery outlook, weighing on base metal prices to great extent.  SMM predicts that LME nickel prices will meet resistance at USD 26,000/mt, and receive support at USD 25,300/mt on March 14.

 

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