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SMM Morning Review - 2012/3/30 Nickel Market
Mar 30,2012 10:03CST
smm insight
Source:SMM
Spot nickel prices will move in the RMB 127,000-131,000/mt range on Friday.

SHANGHAI, March 30 (SMM) -- LME nickel for delivery in three months opened at USD 17,650/mt and closed at USD 17,232/mt overnight, down USD 416/mt from a day earlier, with the highest price at USD 17,725/mt and the lowest price at USD 17,134/mt Daily trading volumes were 4,482 lots, up 556 lots. Positions were 102,396 lots, down 158 lots. LME nickel inventories were 99,918 mt, down 42 mt from a day earlier.

LME nickel futures short positions continued to increase overnight. Coupled with lower-than-expected initial jobless claim of last week, LME nickel prices hit a new low at USD 17,134/mt and finally closed at USD 17,321/mt, down USD 416/mt from a day earlier.

Italy whose government bond yields have been higher than alarming level of 7% will begin a new round auction of government bond on Friday. If the yields continued to grow, LME nickel may be further weighed down. SMM expects that LME nickel prices will move in the RMB 17,000-17,800/mt range, and spot nickel prices will move in the RMB 127,000-131,000/mt range on Friday.
 

nickel price; morning review;

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