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[Ni] SMM Morning Review - 2009/9/24 Nickel Market
SHANGHAI, Sept. 24 (SMM) -- Yesterday, LME nickel prices opened at USD 17,910/mt, and later dropped to USD 17,486/mt, and closed at USD 17,975/mt finally. Struggles between long and short positions intensified. On the one hand, the weakened US dollar helped support base metal prices, but on the other hand, the concerns over Chinese demand caused investors to be very cautious.
The LME nickel fundamentals remained weak recently, and the price hike was due mainly to the speculative funds and softened US dollar index. Nickel prices are expected to fall slightly in the near future.
LME nickel prices are expected to hover in the USD 17,300-18,000/mt range today.
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