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Shanghai Nickel Spot Prices to Slip (2012/10/9)
Oct 9,2012 10:14CST
price review forecast
Source:SMM
SMM expects that LME nickel prices will move in the USD 17,800-18,400/mt ramge and spot nickel prices will fluctuate between RMB 129,300-131,300/mt on Tuesday.

SHANGHAI, Oct.9 (SMM) -- LME nickel for delivery in three months opened at USD 18,265/mt and closed at USD 18,073/mt, down USD 249/mt from a day earlier, with the intraday high at USD 18,343/mt and the low at USD 17,950/mt. Daily trading volumes were 2,980 lots, up 191 lots. Positions were 111,097 lots, up by 91 lots. LME nickel inventories were 124,512 mt, down 348 mt from a day earlier.

LME base metal prices fell across the board overnight as market concerned that the Federal Reserve may cease to implement QE3 in advance and economic outlook may be gloomy. The World Bank lowered economic growth forecast of East Asia and Pacific regions and China’s economic slowdown may last a long time, which weighed on market sentiment. At Monday’s euro zone financial ministers meeting at Luxembourg, Italy’s finance minister Grilli said that it had no plan to give financial aid. Germany’s finance minister Wolfgang Schauble was also unwilling to lend support for Spain. Dutch finance minister was opposed that bonds write-down, reform and deficit cut are best solution to solve the debt crisis. In addition, the Germany’s reasonably adjusted industrial output fell by 0.5% in August, and annualized industrial output fell by 1.4%. Furthermore, the Chicago PMI fell below 50 for the first time since September 2009. These all weighed down LME base metal prices.

SMM expects that LME nickel prices will move in the USD 17,800-18,400/mt ramge and spot nickel prices will fluctuate between RMB 129,300-131,300/mt on Tuesday.
 

LME nickel price
Shanghai nickel spot price

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