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[Ni] SMM Morning Review - 2009/10/13 Nickel Market
SHANGHAI, Oct. 13 (SMM) -- LME nickel prices opened at USD 18,850/mt, and then hit the highest USD 19,200/mt boosted by dropping US dollar index, but closed at USD 18,800/mt finally due to profit-takings and market concerns on higher prices.
Yesterday, financial markets in Japan and US were closed, and trading volume of base metals dropped as a result. The US dollar index is expected to move in the 76-76.5 points range today. As fundamentals of LME nickel reported no significant improvement recently, LME nickel prices received greater pressure negatively affected by weak copper prices. LME nickel prices will remain weak today, with the estimated moving range of USD 18,600-19,100/mt.
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