SHANGHAI, Feb. 10 (SMM) -- LME nickel LME nickel for delivery in three months opened at USD 21,550/mt and closed at USD 21,700/mt overnight, up by USD 153/mt from a day earlier, with the highest price at USD 22,050 mt and the lowest price at USD 21,215/mt. Daily trading volumes were 3,574 lots, up by 360 lots. Positions were 105,485 lots, up by 1,741 lots. LME tin inventories were 94,170 mt, up 252 mt from a day earlier.
During Thursday’s Asian trading hours, LME nickel prices fell to certain extent after initial rallying. During Thursday’s European trading hours, the European interest rate meeting announced that quantitative easing scale shall be expanded to GBP 50 billion, and interest rate shall remain unchanged at 0.50%. Meanwhile, the Greek debt talk reported certain progress, boosting LME nickel prices to close at USD 21,700/mt.
Greek Premier Papademos announced that Greek leaders accepted all provisions for the bailout plan, excluding only one provision. Market widely expects that the Greek government will soon reach agreement with private sectors on all provisions. The Greek debt crisis which haunted market for quite a long time finally shed a light, boosting risk appetite in the market. In addition, rebound in China’s stock market also supported base metal prices.
LME nickel prices will draw support from unchanged interest in the euro zone and progress in the Greek debt crisis, but will meet resistance to climb further technically. SMM expects that LME nickel prices will move in the USD 21,350-22,000/mt range, and spot nickel prices will move between RMB 144,200-147,000/mt on Friday.