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[Ni] SMM Morning Review - 2009/10/30 Nickel Market
SHANGHAI, Oct. 30 (SMM) -- LME nickel prices opened at USD 17,900/mt yesterday, with the highest price of USD 18,775/mt and the lowest price of USD 17,632/mt, and closed at USD 18,750/mt.
The US Department of Commerce reported on Thursday that the gross domestic product (GDP) in 3Q climbed at a 3.5% annual pace, the highest growth rate since 3Q 2007, higher than market expectation of 3.3%. The demand for US dollar risk avoidance dropped after the announcement, and base metal prices rebounded rapidly upon the market expectations of the recovery of global economy. Technically, the US dollar index will remain in downward track in the long run, and has more possibility to fall again in the short term, which will help support base metal prices to a certain extent.
LME nickel prices reported a higher growth rate yesterday, and felt heavy pressure at USD 19,000/mt due to weak market fundamentals. LME nickel prices are expected to move in the USD 18,300-19,100/mt range today.
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