SMM Nickel Market Morning Review (2015-4-10)

Published: Apr 10, 2015 09:54

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Greece paid the EUR 450 debt to the IMF. The number of US initial jobless claims last week topped market expectations, pushing up the US dollar index.

SHANGHAI, Apr. 10 (SMM) – Greece paid the EUR 450 debt to the IMF. The number of US initial jobless claims last week topped market expectations, pushing up the US dollar index. China’s March CPI and PPI are scheduled for release today.

LME nickel prices opened at USD 12,670/mt, then fell sharply but rose later on to touch USD 12,750/mt. During European trading session, LME nickel prices fluctuated between USD 12,550-12,600/mt. During US trading session, LME nickel prices surged initially but then dropped back down, dipping to as low as USD 12,475/mt, and closing at USD 12,535/mt, down 0.99%. Trading volumes decreased 923 to 4,829 lots, and total positions increased 859 to 231,238. LME nickel inventories fell 204 to 431,172 mt.

LME nickel prices should remain low today. SHFE 1507 nickel contract prices fell RMB 850/mt overnight. Spot nickel prices in Shanghai will hover between RMB 93,500-96,500/mt today.

nickel prices

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