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SMM Nickel Market Morning Review (2014-10-23)
Oct 23,2014 09:22
CSTprice review forecast
Source:SMM
LME nickel prices overnight opened at USD 15,350/mt, and once dropped to as low as USD 15,240/mt during Asian trading hours.
SHANGHAI, Oct. 23 (SMM) – LME nickel prices overnight opened at USD 15,350/mt, and once dropped to as low as USD 15,240/mt during Asian trading hours, but rose during European trading hours with other base metals, touching as high as USD 15,430/mt. However, LME nickel prices plummeted again to an intraday low of USD 15,190/mt, and closed at USD 15,244/mt. Trading volumes decreased to 2,876 lots, and total positions were up 1,123 to 209,700 lots. LME nickel inventories fell 126 to 377,000 mt.
LME nickel prices are expected to find support at RMB 15,000/mt, and spot nickel prices in Shanghai will move between RMB 102,000-103,000/mt.
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