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SMM Morning Review - 2010/9/9 Nickel Market
SHANGHAI, Sep. 9 (SMM) -- On Wednesday, LME nickel prices opened at USD 22,100/mt and closed at USD 22,815/mt, up by USD 665/mt from a day earlier, with the highest price at USD 22,100/mt and the lowest price at USD 21,925/mt. Daily trading volumes were 3,227 lots and positions were 97,810 lots. LME nickel inventories were down by 210 mt to 119,280 mt.
LME base metals reversed earlier losses and closed mostly higher, boosted by a stronger euro and equity markets as investor anxiety over the health of the European banking sector eased. The euro was USD 1.2735 versus the US dollar, up by 0.4%. Portuguese government sold EURO 661 million of 3- year bond and EURO 378 million of 10-year bond. Successful bond auction by Portuguese government helped moderate concerns about euro-zone sovereign debt.
It is expected that LME nickel prices will test support level of USD 22,000/mt and will climb to test resistance level of USD 23,000/mt on Thursday.
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