SMM Nickel Market Morning Review (2015-10-20)

Published: Oct 20, 2015 10:25

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LME nickel prices opened at USD 10,550/mt on Monday, then rose briefly but fell back, and found support from the 5-day moving average.

SHANGHAI, Oct. 20 (SMM) – LME nickel prices opened at USD 10,550/mt on Monday, then rose briefly but fell back, and found support from the 5-day moving average. With disappointing GDP growth in China, a large number of shorts rushed to the market, pushing down LME nickel in the afternoon. During European and US trade, LME nickel prices fell to as low as USD 10,315/mt, and closed at USD 10,375/mt, down 1.71%. Trading volumes increased 1,272 to 4,913 lots, and total positions increased 367 to 257,494. LME nickel inventories fell 618 to 437,640 mt.

LME nickel prices will consolidate today. SHFE 1601 nickel contract prices will hover between RMB 78,000-79,000/mt today. Spot zinc prices in Shanghai should fall.

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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