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[Ni] SMM Morning Review - 2009/9/18 Nickel Market
SHANGHAI, Sept. 18 (SMM) -- Yesterday, LME three-month contract nickel prices opened at USD 17,352/mt, with the highest level of USD 17,848/mt. Yesterday, the US announced that both housing start and building permit in August grew to a record high since November 2008, but the positive data failed to help support LME nickel prices advance further, and LME nickel prices closed at USD 17,300/mt finally, and positions dropped to 94,418 lots.
Recently, speculative funds helped push up base metal prices, and base metal prices are expected to experience another round of rise. However, LME nickel prices are expected to track other base metals’ uptrend in the near future given weak nickel market fundamentals and sluggish stainless steel demand.
LME nickel prices will climb slightly today, with estimated range of USD 17,000-17,700/mt.
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