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SMM Morning Review - 2012/4/13 Nickel Market
Apr 13,2012 09:34CST
smm insight
Source:SMM
SMM predicts LME nickel prices will move between USD 18,000-19,200/mt today, while domestic spot nickel prices will hover between RMB 130,000-139,000/mt.

SHANGHAI, Apr. 13 (SMM) -- LME nickel market overnight opened at USD 18,109/mt, with the highest and lowest level of USD 18,670/mt and USD 18,050/mt, respectively. Finally, LME nickel market closed at USD 18,647/mt, up USD 538/mt from a day earlier. Transactions for the day were 3,037 lots, up 879 lots. Positions were 108,350 lots, up 571 lots. Inventories were 98,442 mt, down 888 mt.

LME nickel prices moved narrowly during Asian trading hours yesterday. The European Central Bank said it will continue to buy government bonds from some debt-ridden European countries in order to ease concerns arising from bearish sales of government bonds and rising yields, and LME nickel prices climbed to USD 18,670/mt in response, with prices finally closing at USD 18,647/mt, up USD 538/mt.

Data shows that industrial production across the euro zone registered a monthly growth of 0.5% in February, higher than expectations. The yields on Spanish and Italian government bonds fell, helping ease concerns over European debt crisis and driving the euro up. As a result, European and US equities edged higher, and LME base metal prices climbed as well, which will support SHFE base metal prices to open higher today. China will release 1Q GDP, and if the data is positive, SHFE base metal prices will rise further, but if the data is negative, SHFE base metal prices will be depressed.

China will release the 1Q GDP today, and markets expect the GDP to grow 8.4%. If China’s GDP growth falls continuously and is lower than expected, domestic commodity prices will be weighed, but if the data is positive, commodity prices will be boosted. SMM predicts LME nickel prices will move between USD 18,000-19,200/mt today, while domestic spot nickel prices will hover between RMB 130,000-139,000/mt.

 

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