SMM Morning Review – 2012/5/8 Nickel Market

Shanghai, May 8 (SMM) – Elections in Greece and France added to uncertainties over the efforts to resolve the European debt issues, denting the euro. The US dollar index, however, rose to 80 following strong risk aversion. Besides, LME nickel inventories grew 516 mt last Friday, and high inventories will also add downward pressures to nickel prices. On Tuesday, SMM expects LME nickel prices to hover between USD 17,000-17,600/mt, and trading in the Shanghai spot nickel market will be light, with traded prices between RMB 128,500-130,600/mt.