SHANGHAI, Feb.10 (SMM) -- During Thursday’s Asian trading hours, Greek Premier Papademos announced that Greek leaders accepted all provisions for the bailout plan, excluding only one provision, which restricted LME nickel prices to fall further. During the European and the US trading hours, the European Central Bank will announce interest rate decision at 8:45 pm. Although market widely expects that interest rate will not be cut further, investors should still prepare for any unexpected outcome. At present, LEM nickel prices are between 5-day and 10-day moving average, meeting resistance to advance further and having difficulties in falling further as well. It is expected that LME nickel prices may continue to hover at high level if no solid news is available.
In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were between RMB 145,500-146,000/mt, and mainstream traded prices of nickel from Russia were around RMB 144,500/mt during the morning trading hours. However, as LME nickel prices fell during the afternoon trading hours, a small amount of nickel from Jinchuan Group was traded at RMB 145,500/mt and a small amount of nickel from Russia was traded at RMB 140,000/mt. Supply of goods was still relatively limited in the market. Transactions were only better for a small amount low-priced goods, and were largely muted for other goods.