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

iconNov 11, 2013 09:29
Source:SMM
LME nickel prices overnight opened at USD 14,001/mt, with the high end of the price range USD 14,098/mt, and finding support at USD 13,880/mt.

SHANGHAI, Nov. 11 (SMM) – LME nickel prices overnight opened at USD 14,001/mt, with the high end of the price range USD 14,098/mt, and finding support at USD 13,880/mt. Finally, LME nickel prices closed at USD 13,899/mt, down USD 141/mt from the previous trading day. Trading volumes decreased by 780 lots, to 3,663 lots, and total positions decreased by 1,841 lots, to 135,077 lots. Inventories fell by 312 mt, to 240,096 mt.

US non-farm sector added 204,000 jobs in October, much higher than the 120,000 expected, pointing to recovery in the US job market. When combined with the 2.8% growth in US 3Q GDP and European Central Bank announcing interest rate drop, the US dollar index jumped and broke through 81, which rekindled market concerns that the Fed will scale back QE3 soon. This pushed down LME nickel prices, closing at USD 13,899/mt, down USD 141/mt.

LME nickel prices will move between USD 13,850-13,950/mt today, and nickel prices in Shanghai will move between RMB 96,000-97,000/mt.
 

LME nickel prices

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