Home / Metal News / Tin / SMM Nickel Market Morning Review (2012-10-24)
SMM Nickel Market Morning Review (2012-10-24)
Oct 24,2012 09:44CST
price review forecast
Source:SMM
SMM expects that LME nickel prices will move in the USD 16,100-16,600/mt range, and spot nickel prices will move between RMB 121,000-123,000/mt on Wednesday.

SHANGHAI, Oct. 24 (SMM) -- LME nickel for delivery in three months opened at USD 16,699/mt and closed at USD 16,412/mt, down USD 193/mt from a day earlier, with the intraday high at USD 16,704/mt and the low at USD 16,412/mt. Daily trading volumes were 3,987 lots, up 94 lots. Positions were 113,273 lots, up 107 lots. LME nickel inventories were 127,938 mt, up 804 mt.

The US announced overnight that the Richmond Fed Manufacturing Index was -7, lower than previous expectation. Coupled with poor earnings reports from major listed companies, the US equity continued to fall, increasing risk appetite and pushing up the US dollar index to 80. In response, LME nickel prices were weighed down to USD 16,412/mt, down USD 193/mt.

LME base metal prices were bearish and extended losses in recent days, as lower-than-expected earnings report from the US and market concern over Spanish debt issue continued to weigh on risk assets. The Moody’s cut Spanish five region’s credit ratings, and put outlook into negative. Market is waiting for Spain's request for financial aid. In addition, lower-than-expected earnings reports from major listed US enterprises increased risk appetite. Investors turned to the US dollar as safe haven and sold off other risk assets. In response, base metal prices slumped.

The HSBC will announce flash PMI from China, but market expectation is still pessimistic. SMM expects that LME nickel prices will move in the USD 16,100-16,600/mt range, and spot nickel prices will move between RMB 121,000-123,000/mt on Wednesday.
 

LME nickel price
Shanghai nickel spot price

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

    timeApr 28, 2020 06:09timezoneCST
    timeApr 26, 2020 22:49timezoneCST
    timeApr 26, 2020 18:25timezoneCST
    timeApr 26, 2020 18:16timezoneCST
    timeApr 26, 2020 16:55timezoneCST
    timeApr 26, 2020 15:28timezoneCST
    timeApr 26, 2020 15:13timezoneCST
    timeApr 25, 2020 10:48timezoneCST
    timeApr 25, 2020 09:46timezoneCST
    timeApr 25, 2020 00:00timezoneCST