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SMM Morning Review - 2010/12/7 Nickel Market
SHANGHAI, Dec. 7 (SMM) -- Two points from Federal Reserve Chairman Ben Bernanke’s announcement supported base metal markets. One is that the US economy will not slip back to recession and the other is that the US may further buy dollar bond following its USD 600 billion mt bond purchase plan last month. However, price increase was still limited due to concern over European debt issue.
LME nickel market opened at USD 23,600/mt and ended at USD 23,699/mt overnight, up by USD 59/mt or 0.25% from a day earlier, reaching the highest at USD 23,800/mt and touching the lowest at USD 23,261/mt. Daily trading volumes were 1,385 lots and positions were 96,544 lots.
SMM predicts that LME nickel prices will move between USD 23,000-23,400/mt on December 7th.
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