SMM Nickel Market Morning Review (2013-1-22)-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • NPI
  • Zinc
  • Market commentary
  • Production data
  • Macroeconomics
  • Aluminium
  • Morning comments
  • Futures movement
  • Mengtai Group
  • Copper
  • Stainless steel
  • Nickel
  • In the United States
  • trade negotiations

SMM Nickel Market Morning Review (2013-1-22)

Price Review & Forecast 09:53:48AM Jan 22, 2013 Source:SMM

SHANGHAI, Jan.22 (SMM) -- LME nickel for delivery in three months opened at USD 17,600/mt and closed at USD 17,430/mt on Monday, down USD 130/mt from a day earlier, with the intraday high at USD 17,600 mt and the lowest price at USD 17,375/mt. Daily trading volumes were 1,249 lots, down 1,639 lots. Positions were 109,456 lots, up 530 lots. LME nickel inventories were 148,020 mt, up 216 mt.

During the Asian trading hours, the Shanghai Composite Index was on upward track, and LME nickel prices fluctuated narrowly around USD 17,600/mt after opening. However, as the Shanghai Composite Index later fell, LME nickel prices fell below 5-day moving average and 10-day moving average to hit a low at USD 17,375/mt. During the US and European trading hours, LME nickel prices lost guidance and finally closed at USD 17,430/mt down USD 130/mt from a day earlier.

The US House of Representatives will vote Wednesday on raising the US debt limit. The US will announce housing sales for December tonight. According to forecasts from economies, annualized new housing sales and existing housing sales for December will rose to 5.49 million units, the highest since November 2009. The historical low mortgage rate, the improving employment market and growing number of families will increase demand for housing. At the euro zone financial ministers’ meeting on Monday, the financial ministers were supportive for the EUR 9.2 billion support for Greece and the agreement for bailout fund for Cyprus will be signed in March.

The US stock market was closed on Monday on Martin Luther King Day. The US dollar continued to hover. Only LME tin prices slightly advanced, and other base metals all closed with losses on Monday.

SMM expects that LME nickel prices will move between USD 17,200-17,600/mt, and Shanghai nickel spot prices will move between RMB 122,500-124,000/mt on Tuesday.
 

Relative News

Price

more
#1 Refined Cu
Oct.18
46740.0
40.0
(0.09%)
Standard-Grade Copper
Oct.18
46730.0
40.0
(0.09%)
High-Grade Copper
Oct.18
46750.0
45.0
(0.10%)
Guixi copper
Oct.18
46750.0
40.0
(0.09%)
Low-quality copper
Oct.18
46700.0
45.0
(0.10%)

SMM Nickel Market Morning Review (2013-1-22)

Price Review & Forecast 09:53:48AM Jan 22, 2013 Source:SMM

SHANGHAI, Jan.22 (SMM) -- LME nickel for delivery in three months opened at USD 17,600/mt and closed at USD 17,430/mt on Monday, down USD 130/mt from a day earlier, with the intraday high at USD 17,600 mt and the lowest price at USD 17,375/mt. Daily trading volumes were 1,249 lots, down 1,639 lots. Positions were 109,456 lots, up 530 lots. LME nickel inventories were 148,020 mt, up 216 mt.

During the Asian trading hours, the Shanghai Composite Index was on upward track, and LME nickel prices fluctuated narrowly around USD 17,600/mt after opening. However, as the Shanghai Composite Index later fell, LME nickel prices fell below 5-day moving average and 10-day moving average to hit a low at USD 17,375/mt. During the US and European trading hours, LME nickel prices lost guidance and finally closed at USD 17,430/mt down USD 130/mt from a day earlier.

The US House of Representatives will vote Wednesday on raising the US debt limit. The US will announce housing sales for December tonight. According to forecasts from economies, annualized new housing sales and existing housing sales for December will rose to 5.49 million units, the highest since November 2009. The historical low mortgage rate, the improving employment market and growing number of families will increase demand for housing. At the euro zone financial ministers’ meeting on Monday, the financial ministers were supportive for the EUR 9.2 billion support for Greece and the agreement for bailout fund for Cyprus will be signed in March.

The US stock market was closed on Monday on Martin Luther King Day. The US dollar continued to hover. Only LME tin prices slightly advanced, and other base metals all closed with losses on Monday.

SMM expects that LME nickel prices will move between USD 17,200-17,600/mt, and Shanghai nickel spot prices will move between RMB 122,500-124,000/mt on Tuesday.