SMM Nickel Market Morning Review (2015-2-27)

Feb 27, 2015 09:57

Source:SMM

LME nickel shot up to USD 14,575/mt after opening Thursday at USD 14,310/mt, as improving sentiment in the euro zone and strong recovery in Germany helped offset concerns over Greece debt crisis.

SHANGHAI, Feb. 27 (SMM) – LME nickel shot up to USD 14,575/mt after opening Thursday at USD 14,310/mt, as improving sentiment in the euro zone and strong recovery in Germany helped offset concerns over Greece debt crisis. However, LME nickel gave back some gains later as crude oil slumped and since positive US economic data pushed the US dollar index up. Finally, LME nickel ended up 0.63% at USD 14,395/mt. Trading volumes increased 680 lots to 3,659 lots, with positions down 1,808 to 208,699. Inventories grew 2,262 mt to 427,596 mt.

Strong US dollar and falling crude oil should keep LME nickel in check on Friday. Spot nickel in China is expected to trade between RMB 105,400-106,400/mt.

LME nickel prices

China nickel prices

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SMM Nickel Market Morning Review (2015-2-27)

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