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[Ni] SMM Morning Review - 2009/9/21 Nickel Market
SHANGHAI, Sept. 21 (SMM) -- Last Friday, LME nickel prices opened at USD 17,345/mt. According to the latest data from World Bureau of Metal Statistics (WBMS), the global nickel supply surplus was 1,700mt from January to July, and global output of refined nickel dropped by 3.4% on a yearly basis, indicating the stainless steel market fundamentals remained weak. In addition, prices of various goods declined significantly in SHFE market last Friday, depressing investors’ confidence. LME nickel prices continued to move down and closed at USD 17,320/mt, with a daily high of USD 17,540/mt.
LME nickel prices will remain weak due to sluggish market fundamentals. Market players were short of confidence due to falling prices for various goods declined significantly in SHFE market last Friday, so LME nickel prices are expected to drop further to the range of USD 16,900-17,400/mt.
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