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[Ni] SMM Morning Review - 2009/10/15 Nickel Market
SHANGHAI, Oct. 15 (SMM) -- LME nickel prices opened at USD 18,265/mt, with the highest price of USD 18,725/mt and the lowest price of USD 18,167/mt, and rebounded again with support from 60-day average line, and closed at USD 18,595/mt finally.
Yesterday, China Customs released that China's copper imports increased unexpectedly, driving up SHFE metal prices in the afternoon and leaving confidence to investors. In addition, the US dollar dropped further, pushing up nonferrous metal prices. In this context, LME metal prices climbed yesterday. However, LME copper prices still received strong pressure around USD 6,300/mt given demand concerns.
LME nickel prices are expected to move in the USD 18,300-18,900/mt range today given positive China’s economic data and weakened US dollar.
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