SMM Morning Review - 2012/2/3 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 2012/2/3 Nickel Market

SMM Insight 09:53:38AM Feb 03, 2012 Source:SMM

SHANGHAI, Feb. 3 (SMM) -- LME nickel LME nickel for delivery in three months opened at USD 21,085/mt and closed at USD 20,900/mt, down by USD 136/mt from a day earlier, with the highest price at USD 21,320/mt and the lowest price at USD 20,611/mt. Daily trading volumes were 3,320 lots, down by 773 lots. Positions were 99,231 lots, down by 111 lots. LME nickel inventories were 95,850 mt, up 252 mt from a day earlier.

During Thursday’s Asian trading hours, LME nickel prices advanced to certain extent along with domestic stock market rebound, but slipped slightly during the European trading hours.
SMM expects that domestic stock market may advance further to boost LME nickel prices during Friday’s Asian trading hours, but LME nickel price movement during European trading hours shall depend on the US non-farm employment. SMM expects that LME nickel prices will move in the USD 20,000-21,300/mt range, and spot nickel prices in the Shanghai market will fluctuate in the RMB 141,000-144,000/mt range on Friday.

 

SMM Morning Review - 2012/2/3 Nickel Market

SMM Insight 09:53:38AM Feb 03, 2012 Source:SMM

SHANGHAI, Feb. 3 (SMM) -- LME nickel LME nickel for delivery in three months opened at USD 21,085/mt and closed at USD 20,900/mt, down by USD 136/mt from a day earlier, with the highest price at USD 21,320/mt and the lowest price at USD 20,611/mt. Daily trading volumes were 3,320 lots, down by 773 lots. Positions were 99,231 lots, down by 111 lots. LME nickel inventories were 95,850 mt, up 252 mt from a day earlier.

During Thursday’s Asian trading hours, LME nickel prices advanced to certain extent along with domestic stock market rebound, but slipped slightly during the European trading hours.
SMM expects that domestic stock market may advance further to boost LME nickel prices during Friday’s Asian trading hours, but LME nickel price movement during European trading hours shall depend on the US non-farm employment. SMM expects that LME nickel prices will move in the USD 20,000-21,300/mt range, and spot nickel prices in the Shanghai market will fluctuate in the RMB 141,000-144,000/mt range on Friday.