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SMM Morning Review – 2011/9/26 Nickel Market
Sep 26,2011 09:43CST
price review forecast
Source:SMM
In China’s domestic market, SMM expects that spot nickel prices will move in the RMB 145,000-146,000/mt range on Monday.

SHANGHAI, Sept. 26 (SMM) -- LME nickel prices opened at USD 18,100/mt and closed at USD 18,150/mt overnight, up USD 1,200/mt from a day earlier, with the highest price at USD 19,050/mt and the lowest price at USD 16,800/mt. Daily trading volumes were 7,858 lots, down 210 lots. Positions ere 87,809 lots, up2,950 lots. Inventories were 97,242 mt, down 576mt.

Last Friday, LME nickel prices were volatile. LME nickel prices fell sharply to USD 16,800/mt from panic sentiment during the Asian trading hours, but later pared certain losses and closed at USD 18,150/mt from dip-buying support, up USD 1,200/mt from a day earlier.

Market still lacked solid news last Friday, and market was still affected by investors’ concern over global economy. However, equity and exchange markets eased to certain extent last Friday, with equity market in the US and Europe both closing with slight gains. Gold slumped by 4.75% to USD 1,656.81/ounce, and crude oil prices also slipped. LME base metal prices largely extended previous downward momentum, with significant losses reported. Despite of positive attitude, G20 summit did not achieve significant result. Moody’s cut credit rating of Bank of Greece. It is expected that market concern will continue to haunt market amid sluggish global economy and absence of solid economic news, but dip-buying will slightly support prices to certain extent.

LME nickel prices opened at USD 18,400/mt on Monday, pointing a downward trend. It is expected that LME nickel prices will fluctuate around USD 18,000/mt on Monday. Affected by panic sentiment, LME nickel prices will continue to face downward pressure recently, with support at USD 17,000/mt. In China’s domestic market, SMM expects that spot nickel prices will move in the RMB 145,000-146,000/mt range on Monday.
 

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