SHANGHAI, Jan. 30 (SMM) -- LME nickel prices opened at USD 21,501/mt Friday night, and closed at USD 21,700/mt last Friday, up by USD 100/mt from a day earlier, with the highest price at USD 21,786/mt and the lowest price at USD 21,300/mt. Daily trading volumes were 26,427 lots and positions were 97,937 lots.
During Chinese New Year holiday, the US dollar lowered significantly due to Greek write-down negotiation and Federal Reserve’s extension of ultra-low interest rate. In response, LME nickel prices advanced significantly.
Leaders from the euro zone are confident towards write-down agreement between Greek government and its debtors from private sectors. According to sources, Greek government and its debtors from private sectors made progress in reaching deal on EUR 100 billion write-down.
Drawing support from progress in Greek financial crisis and lower US dollar index, LME nickel prices are quite likely to advance further. SMM expects that LME nickel prices will move in the RMB 21,500-21,650/mt range, and spot nickel prices will surge on Monday.