Home / Metal News / Zinc / SMM Nickel Market Morning Review (2013-11-22)
SMM Nickel Market Morning Review (2013-11-22)
Nov 22,2013 09:50CST
price review forecast
Source:SMM
LME nickel prices overnight opened at USD 13,531/mt, with the high end of the price range USD 13,576/mt, and finding support at USD 13,405/mt.

SHANGHAI, Nov. 22 (SMM) – LME nickel prices overnight opened at USD 13,531/mt, with the high end of the price range USD 13,576/mt, and finding support at USD 13,405/mt. Finally, LME nickel prices closed at USD 13,500/mt, down USD 36/mt from the previous trading day. Trading volumes increased by 581 lots, to 3,771 lots, and total positions decreased by 1,569 lots, to 136,727 lots. Inventories grew by 912 mt, to 248,550 mt.

HSBC's PMI for China released overnight was 50.4, the second highest since August despite it was lower than the previous month. LME nickel prices hovered around USD 13,531/mt. Eurozone and Germany's manufacturing PMI came in strong, while France's PMI was downbeat. During European and US trading hours, Mario Draghi said the European Central Bank did not reach an agreement on the negative interest rate execution, driving up the euro while pushing down the US dollar index, which gave support to base metals prices. both US manufacturing PMI and the number of initial jobless claims last week was positive, supporting the US dollar index to rise and weighing down LME nickel prices to a new low of USD 13,405/mt. But due to strengthening LME copper prices, LME nickel prices gained back some losses and closed at USD 13,500/mt.

LME nickel prices will move between USD 13,450-13,550/mt today, and nickel prices in Shanghai will move between RMB 94,000-95,000/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