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[Ni] CBI Morning Review - 2009/7/8 Nickel Market
SHANGHAI, July 8 (CBI China) -- Overnight LME base metal prices fell generally dragged down by plunged crude oil prices and falling US stock markets. LME nickel soared in the morning boosted by the positive industrial data released by Germany, but then fell to USD 15,450/mt, down 1.41%, as the plunged US stock markets dampened the market sentiment. The stock replenishment at stainless steel mills contributed to the significant increases in the imports and output of refined nickel from April to May, and currently the end-user demand failed to recover completely, so nickel price will return to market fundamentals after the speculative factors were absorbed by the market. Technically, LME nickel will fluctuate after fell below USD 16,000/mt in the short term.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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