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[Ni] SMM Morning Review - 2009/9/23 Nickel Market
SHANGHAI, Sept. 23 (SMM) -- Yesterday, LME nickel prices opened at USD 17,250/mt. Nickel prices climbed due to plunged US dollar index, and trading volumes increased significantly, with daily trading volume of 1,670 lots, and a portion of short positions reduced positions and withdrew their capital from the market. Total positions were 95,386 lots. LME nickel prices have hit a daily high of USD 17,961/mt, and closed at USD 17,950/mt.
Although nickel market fundamentals remained weak, but the US dollar softened recently, and before the US Federal Reserve Board (Fed) is held during this week, market players predict the Fed will further maintain a loose monetary policy, which will cause the US dollar to weaken further and support base metal prices to move up, and LME nickel will draw attention of speculative funds again.
LME nickel prices will continue fluctuate in the USD 17,600-18,000/mt range today.
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