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Home / Metal News / [Ni] SMM Morning Review - 2009/7/29 Nickel Market

[Ni] SMM Morning Review - 2009/7/29 Nickel Market

iconJul 29, 2009 00:00
Source:上海有色金属网

SHANGHAI, July 29 (SMM) -- The Conference Board announced last night that the US consumer confidence index during July was worse than market expected, re-generating the market concerns with regard to the stability of US economic recovery and boosting the risk aversion demand for US dollar. In this context, overnight LME base metal prices slipped, and profit-takings of long positions resulted in adjustments in the price. However, LME nickel prices closed at USD 16,820/mt, up USD 39/mt, due to support from strike in Vale nickel plant in Canada. Technically, LME nickel prices will fluctuate upward in the short term despite of weakened upward momentum.

 

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