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[Ni] CBI Morning Review - 2009/7/16 Nickel Market
SHANGHAI, July 16 (CBI China) -- Last night the Federal Reserve Bank of New York announced the manufacturing index in July was better than market expected, and Intel released its fiscal report in 2Q, which was also higher than market expected, and it also looked forward to the revenue growth in 2H. The positive corporate quarterly report boosted the entire stock markets, and restricted the demand for risk aversion, which weighed on US dollar again. In this context, overnight LME nickel price closed at USD 15,950/mt, up USD 450/mt, near to the previous high level again. Technically, LME nickel price has been above all average lines, and will move upward to test USD 16,600/mt in the short term.
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