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SMM Morning Review - 2010/12/15 Nickel Market
SHANGHAI, Dec. 15 (SMM) -- The Federal Open Market Committee announced to keep interest rate unchanged between 0-0.25%, and also pledged to purchase USD 600 billion mt state bond before mid-2011. After the announcement from the Federal Reserve, the US dollar index fell to 78.827, but rebounded later.
LME nickel prices slipped following a surge overnight. LME nickel market opened at 24,615/mt and closed at USD 24,625/mt, down by USD 50/mt from a day earlier, hitting a two-month high at USD 24,975/mt and touching the lowest at USD 24,451/mt. Trading volumes were 2,560 lots and positions were 99,686 lots. Some analysts said that China’s consumption of NPI will weigh on international nickel prices given that NPI consumption has already curbed nickel prices to stay around USD 25,000/mt.
SMM believes that LME nickel prices will move between USD 24,000-25,000/mt on December 15th.
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