SMM Nickel Market Morning Review (2014-10-13)

SHANGHAI, Oct. 13 (SMM) – LME nickel prices opened at USD 16,570/mt last Friday, and rallied to USD 16,700/mt during Asian trading hours, but falling to move between the 5 and 10-day moving average in the afternoon. The US dollar index hovered at high levels, touching as high as 85.9, pushing down LME nickel prices to USD 16,352/mt, and closing the day down 1.08% at USD16, 420/mt. Trading volumes increased 412 to 2,999 lots, and total positions were up 1,036 to 206,900 lots. LME nickel inventories grew 1,986 to 367,100 mt.

LME nickel prices are expected to fluctuate between USD 16,000-16,500/mt today, and spot nickel prices in Shanghai will move between RMB 112,500-113,000/mt.