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SMM Nickel Market Morning Review

Release time:2014-11-28

Nov 28, 2014 02:02 GMT   Source:SMM

Tags: nickel prices

 

 

SHANGHAI, Nov. 28 (SMM) – LME nickel prices overnight opened at USD 16,372/mt. Profit at China’s large industrials was -2.1%, the worst since August 2012. But China’s stocks rose for the sixth straight day in a row, hitting a new high over the past three years. LME nickel prices inched up and touched as high as USD 16,495/mt. During European trading hours, LME nickel prices strengthened and touched USD 16,500/mt as both Germany’s unemployment rate and the number of unemployment in November topped expectations. Trading was muted during US trading due to the Thanksgiving Day holiday. European Central Bank President expressed concerns over a downward risk in euro zone economy and OPEC countries will not cut oil output. This pushed down LME nickel prices, and closing at USD 16,375/mt, down 0.09%. Trading volumes decreased 662 to 2,364 lots, and total positions decreased 1,816 to 208,457 lots. LME nickel inventories grew 1,854 to 401,850 mt.

LME nickel prices are expected to remain weak today on growing inventories, and spot nickel prices in Shanghai will move between RMB 111,000-112,500/mt.