SMM Nickel Market Morning Review (2015-9-18)

Published: Sep 18, 2015 09:45

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The Fed left its benchmark interest rate unchanged at its policy meeting overnight, weighing down the US dollar whilst pushing up gold prices.

SHANGHAI, Sept. 18 (SMM) – The Fed left its benchmark interest rate unchanged at its policy meeting overnight, weighing down the US dollar whilst pushing up gold prices.

LME nickel prices opened at USD 10,090/mt Thursday, and surged to USD 10,190/mt, and closed at USD 9,920/mt, down 1.29%. Trading volumes increased 146 lots to 6,256 lots, and total positions decreased 800 to 232,800. LME nickel inventories grew 1,158 to 450,330 mt.

LME nickel prices are expected to rise today. SHFE 1601 nickel contract prices will hover between RMB 77,600-79,200/mt today. Spot nickel prices in Shanghai are expected to fluctuate between RMB 76,200-77,500/mt.

LME nickel prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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