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SMM Nickel Market Morning Review (2015-2-4)

2015/2/5      view:

Australia lowered interest rates by 25 basis points, and China’s central bank is also poised to take step to cope with overseas and domestic effects on RMB exchange rate. Greece’s radical new government revealed proposals on Monday for ending the confrontation with its creditors by swapping outstanding debt for new growth-linked bonds,  undermining the likelihood of a Greek exit of the euro zone and helping ease market fears.  Crude oil prices rebounded, driving up base metals prices. US December factory orders dropped 3.4%, falling far short of market expectations. A decreasing expectation of interest rate hike by the Fed also weighed down the US dollar index. LMEnickel prices opened at USD 15,255/mt, and broke through the 40-day moving average to touch as high as USD 15,505/mt, then fluctuated between USD 15,300-15,500/mt. LME nickel prices rolled back early gains at the end of trading, and closed at USD 15,415/mt, up 1.05%. Trading volumes decreased 792 to 3,950 lots, and total positions increased 988 to 211,757. LME nickel inventories fell 402 to 424,572 mt.

LME nickel prices are expected to rise today. Spot nickel prices in Shanghai will move between RMB 110,000-110,900/mt.