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[Ni] SMM Morning Review - 2009/10/26 Nickel Market
SHANGHAI, Oct. 26 (SMM) -- LME nickel prices opened at USD 19,080/mt last Friday, and later hit the daily high of USD 19,606/mt, but finally closed at USD 19,295/mt negatively affected by a round in the US dollar and profit-takings.
The National Association of Realtors released on Friday that the US existing home sales in September grew by 9.4% to an annual rate of 5.57 million units, higher than previous forecast of 5.35 million units, hitting a new high since July 2007. The positive housing data will help boost base metal prices. However, the US dollar index rebounded continuously to a daily high of 75.45, resulting in profit-takings of LME nickel.
LME nickel prices were still in the upward track, and are expected to grow slightly to the range of USD 19,000-19,600/mt today.
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