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[Ni] SMM Morning Review - 2009/9/29 Nickel Market
SHANGHAI, Sept. 29 (SMM) -- Yesterday, LME nickel prices opened at USD 16,900/mt, and later rebounded positively affected by rising stock market after hit the lowest level of USD 16,400/mt, and closed at USD 16,750/mt finally. Trading volumes were 821 lots.
The US Chicago Fed National Activity Index in August was -0.90, and the index has been negative from June 2007, indicating the economy maintains a low growth level, thereby depressing the base metal prices. Recent weak macro economic data triggered market concerns over future economic recovery, and the weak demand resulted in shortages of long positions, leaving greater pressure on the upward trend of nickel prices in the short term. LME nickel prices are expected to hover in the USD 16,500-17,000/mt range today.
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