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SMM Morning Review - 2010/2/9 Nickel Market
SHANGHAI, Feb. 9 (SMM) -- On Monday, LME nickel prices opened at USD 17,105/mt and closed at USD 17,100/mt, with the highest level at USD 17,398/mt and the lowest level at USD 16,976/mt. Daily trading volumes were 1,059 lots and positions were 90,311 lots.
US dollar gradually declined after hitting resistance level at 80.5, and was prone to decline further at current level of 80.4. Goldman Saches told on Monday that high risk premium of Greek government debt will decline to certain extend recently, but market players showed skepticism over this expectation in the short term. Financial market will remain vulnerable in the short term, but the darkest and panic days may have already gone, and any downward room for base metal prices will be smaller and smaller.
It is expected that LME nickel prices will gradually stabilize, with prices moving in the USD 16,800-17,400/mt range.
To contact the writer on this report: angelawang@smm.cn
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