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[Ni] SMM Morning Review - 2009/8/7 Nickel Market
SHANGHAI, Aug. 7 (SMM) -- The Bank of England announced on Thursday that they would invest (USD 84 billion) GBP 50 billion more to purchase bonds, making the total amount of GBP 175 billion. In the mean time, the Central Bank's Monetary Policy Committee decided to maintain the benchmark interest rate at low level of 0.5% and continued to maintain cash liquidity in order to stimulate economic recovery. The Bank of England increased asset purchases, weighing on pounds and supporting US dollar to go stronger. Overnight LME nickel prices closed at USD 19,469/mt, down 4.09%. Nickel prices will fluctuate lower in the short term due to inventors’ profit-takings before the non-farm employment data from the US is released on Friday.
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