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SMM Morning Review - 2010/1/14 Nickel Market
SHANGHAI, Jan. 14 (SMM) -- On Monday, LME nickel prices opened at USD 17,500/mt and closed at USD 18,250/mt, with the highest level at USD 18,275/mt and lowest level at USD 17,325/mt. Daily trading was 3,118 lots and positions were 98,783lots.
The People's Bank of China announced on Tuesday that reserve requirement ratio was raided by 0.5 percentage points, which triggered price decline in global stock market and futures market. The concern that liquidity would be tightened was aggravated due to panic selling from investors. At night prices of base began to rebound, as overseas market believed outlook of Chinese economy would remain stable after weighing up the pros and cons. Prices of crude oil declined drastically, but rebounded back and got strong support at 78, indicating that prices of commodities would not decline significantly in the short term under the long journey of economic recovery. US dollar index fell below 77, but was expected to be on upward track along with anti-inflation measures in China.
It is expected that LME nickel prices will seek upward momentum amid fluctuation recently, and LME nickel prices will fluctuate in the USD 17,600-18,200/mt range today.
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