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[Ni] SMM Morning Review - 2009/10/9 Nickel Market
SHANGHAI, Oct. 9 (SMM) -- LME nickel prices have shown strong performance during National Day holiday, and hit the highest level of USD 19,505/mt on October 8th, breaking through the previous pressure level of USD 19,000/mt. Technically, LME nickel prices will continue to test the important level of USD 19,000/mt in the near future, but the high possibility of continuous drops in US dollar will further help support nonferrous metal prices to rebound.
Australian Government announced to raise interest rates during this week, indicating the global economy has continued to recover, while the US government announced to continue to maintain low interest rates, further increasing the downward pressure on US dollar, and US dollar index has broken through 76 points, and crude oil prices have risen to above USD 71/brarrel, signaling the optimistic sentiment in bulk goods markets recently.
LME nickel prices are expected to fluctuate in the USD 18,800-19,500/mt range today.
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