SMM Nickel Market Morning Review (2013-11-26)

SHANGHAI, Nov. 26 (SMM) – LME nickel prices overnight opened at USD 13,550/mt, with the high end of the price range USD 13,583/mt, and finding support at USD 13,465/mt. Finally, LME nickel prices closed at USD 13,532/mt, up USD 20/mt from the previous trading day. Trading volumes decreased by 1,827 lots, to 1,815 lots, and total positions increased by 2,028 lots, to 142,464 lots. Inventories fell by 126 mt, to 249,012 mt.

With the lack of solid news, LME nickel prices leveled out. European Central Bank's (ECB) Ardo Hansson reported ECB will likely lower interest rates further, pushing down the euro and supporting the US dollar index to rebound. This dragged down LME nickel prices to USD 13,465/mt. But the news was quickly absorbed by the market, with LME nickel prices gaining back some losses and closing the day up USD 12/mt.

LME nickel prices will move between USD 13,550-13,650/mt today, and nickel prices in Shanghai will move between RMB 94,200-95,200/mt.