[Ni] CBI Morning Review - 2009/5/27 Nickel Market

SHANGHAI, May 27 (CBI China) -- The report released by the Conference Board showed that the US consumer confidence index during May increased sharply, especially the prediction for economy during next six months reported significant improvements. The report showed that the consumer confidence index was 54.9 during May, and 40.8 during April. This data was much higher than the economist prediction of 43.0 surveyed by Dow Jones Newswires. This index hit the highest level since September 2008. In this context, the stocks and commodities soared in US time, and nickel price reached the previous high level of USD 13,500/mt, up 5.18%. Copper price failed to rise sharply due to the rumor that the State Reserve Bureau will sell 50kt of copper. The prediction of economic recovery will continue to affect the market positively, and nickel price is expected to rise to USD 15,000/mt in the short term.

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