Home / Metal News / Copper / SMM Nickel Market Morning Review (2013-11-1)
SMM Nickel Market Morning Review (2013-11-1)
Nov 1,2013 09:38CST
price review forecast
Source:SMM
LME nickel prices overnight opened at USD 14,650/mt, with the high end of the price range USD 14,678/mt, and finding support at USD 14,533/mt.

SHANGHAI, Nov. 1 (SMM) – LME nickel prices overnight opened at USD 14,650/mt, with the high end of the price range USD 14,678/mt, and finding support at USD 14,533/mt. Finally, LME nickel prices closed at USD 14,620/mt, down USD 30/mt from the previous trading day. Trading volumes decreased by 98 lots, to 2,696 lots, and total positions decreased by 768 lots, to 138,412 lots. Inventories grew by 618 mt, to 237,576 mt.

The market lacked solid news overnight, and positive effects from the Fed's announcement had been absorbed. LME nickel prices were weighed down by the rebounding US dollar index, opening at USD 14,650/mt, with the high end of the price range of USD 14,650/mt, and the low end of RMB 14,533/mt, closing the day down USD 30/mt. Chicago October PMI was raised to 65.9, and the number US initial jobless claims were also down on the MoM basis, causing concerns that QE3 will be sale back. But the high unemployment rate and low inflation rate in the eurozone assured the market that the QE3 will remain in place, which gave some support to LME nickel prices.

LME nickel prices will move between USD 14,550-14,700/mt today, and nickel prices in Shanghai will move between RMB 99,000-100,000/mt.
 

LME nickel prices

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