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SMM Morning Review - 2010/12/20 Nickel Market
SHANGHAI, Dec. 20 (SMM) -- Boosted by upbeat economic data from the US and strong equity markets, base metal prices largely ended with gains. Moody rating agency downgraded Ireland credit rating, weighing on euro, and warned Ireland that the Agency may further downgrade Ireland credit rating if Ireland fails to stabilize its debt situation in the foreseeable future. However, strong US dollar doesn’t weigh on base metal prices significantly. LME nickel prices fluctuated narrowly during the Asian trading hours, and surged as high as USD 24,855/mt at the tailing of European session.
Last Friday, LME nickel prices opened at USD 24,700/mt and closed at USD 24,855/mt, up by USD 236/mt or up by 0.96% from a day earlier, with the highest price at USD 24,968/mt and the lowest price at USD 24,620/mt.
SMM expects that LME nickel prices will move between USD 24,500-25,000/mt on December 20th.
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