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[Ni] SMM Morning Review - 2009/12/3 Nickel Market
SHANGHAI, Dec. 3 (SMM) -- LME nickel prices opened at USD 16,300/mt yesterday, with highest and lowest level at USD 16,730/mt and USD 16,300/mt, respectively, and finally prices ended at USD 16,375/mt. Total trading volumes reported 1,714 lots, and positions were 89,358 lots.
Last night, LME copper prices set a new high, and advanced to USD 7,200/mt after broke through USD 7,100/mt, and gold prices climbed to USD 1,220/oz after broke through USD 1,200/oz, helping push up metal prices. However, crude oil prices slumped last night, as the American Petroleum Institute (API) released that crude oil inventories increased by 2.9 million barrel last week, higher than expected level of 400,000 barrel, raising investor concerns over crude oil demand, which helped curb any increases in the US stocks and base metal prices.
Base metal prices are expected to soar further, but the upward momentum will weaken slightly technically. SMM predicts LME nickel prices will move in the USD 16,150-16,650/mt range today in view of weak market fundamentals.
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