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SMM Morning Review - 2010/4/19 Nickel Market
SHANGHAI, Apr. 19 (SMM) -- LME nickel prices opened at USD 26,400/mt last Friday, and closed at USD 27,250/mt, with highest price at USD 27,250/mt and lowest price at USD 26,380/mt. Daily trading volumes were 2,398 lots and positions were 104,255 lots.
The dollar index once again surged as a tool to hedge against financial risk, which is mainly attributed to current mixed economic situation. The volcanic eruption in Iceland led to business shut down at most airports in Europe, which will exert negative impact on economic development in Europe temporarily. As U.S. Securities and Exchange Commission charged Goldman Sachs Group for a financial fraud, investors' appetite for investment in financial market lowered significantly, leading to higher US dollar index. In this context, base metal prices weighed down, and the temporary slip is fully expected by market players as prices have already advanced to high levels with increasing risks to fall down.
It is expected that LME nickel prices will slightly slip today, with prices moving between USD 26,100-26,800/mt.
To contact the writer on this report: angelawang@smm.cn
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