SMM Nickel Market Morning Review (2013-10-11)

SHANGHAI, Oct. 11 (SMM) – LME nickel prices overnight opened at USD 13,678/mt, with the high end of the price range USD 13,861/mt, and finding support at USD 13,651/mt. Finally, LME nickel prices closed at USD 13,752/mt, up USD 62/mt from the previous trading day. Trading volumes decreased by 496 lots, to 2,341 lots, and total positions increased by 1,022 lots, to 137,435 lots. Inventories fell by 234 mt, to 228,996 mt.

US initial jobless claims fell far short of expectations and the previous month due to US government shutdown; US Republican Party agreed to prolong debt limit by 6 weeks without any condition, causing US debt crisis to ease. The Dow Jones Industrial Average rose 2.2%, and European stocks closed up 1.7%. LME nickel prices closed at USD 13,678/mt, closing the day up USD 62/mt.

China’s import and export data will be released this Saturday, which will affect LME nickel prices. LME nickel prices will hover between USD 13,690-13,790/mt today, and nickel prices in Shanghai will move between RMB 96,500-97,800/mt.