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The Asian stock markets slipped across the board on Wednesday, with Nikkei Index falling by over 2.5%The sluggish performance of Asian stock market weighed down LME nickel prices slightly down during the Asian trading hours. During the European trading hours, LME nickel prices largely remained stable amid release of a slew of economic indicators. Later, summary of economic conditions in all 12 Fed districts, released on Wednesday afternoon by the Fed gave no surprises to investors. Finally LME nickel prices settled at USD 17,405/mt, down USD 105/mt from a day earlier.
The 4Q earnings report from the US showed that earnings per share from Goldman Sachs were USD 5.60, higher than USD 3.66 expected, and earnings per share from JP Morgan were USD 1.39, also higher than USD 1.22 expected. The 4Q earnings reports were positive. If earnings report from Bank of America, Bank of America, and Intel are all positive, the equity market in the US will be boosted, which will drive up LME nickel prices. SMM expects LME nickel prices will move in the USD 17,200-17,600/mt range, and spot nickel will hold between RMB 122,000-124,000/mt on Thursday.
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