SMM Morning Review - 2010/9/21 Nickel Market

SHANGHAI, Sep.21 (SMM) -- Last Friday, LME nickel prices opened at USD 23,300/mt and closed at USD 23,085/mt, down by USD 179/mt from a day earlier, with the highest price at USD 23,517/mt and the lowest price at USD 23,048/mt. Daily trading volumes were 1,474 lots and positions were 95,007 lots. LME nickel inventories were down by 168 mt to 119,244 mt.

LME base metals mostly closed marginally lower as some investors had chosen to take profits ahead of the Federal Open Markets Committee meeting, where it is hoped the Reserve may give clues about possible further quantitative-easing measures. The euro also pulled back against the dollar during afternoon trade in Europe, dragging both base and precious metals lower. Meanwhile, data from the National Association of Home Builders in the U.S. regarding the September housing-market came in weaker than forecast, adding to concerns around the nation's economic recovery.

Constant decline of LME nickel inventory will continue to support LME nickel prices, and it is expected that LME nickel prices will remain within current price band.

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