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SMM Nickel Market Morning Review (2015-1-30)

2015/2/4      view:

Major economic indicators from Europe were in line with market expectations. The number of US initial jobless claims last week topped market expectations, hitting a new low in 15 years, allowing the US dollar index to stabilize. LME nickel prices opened at USD 14,965/mt, but lacked ability to rise further due to a strengthening US dollar index, but finding support from the 20-day moving average, and fluctuating between USD 14,800-14,900/mt. During European trading hours, LME nickel prices gained ground and touched as high as USD 14,975/mt. Though prices fell back, they stayed above the 20-day moving average. LME nickel prices then inched down to USD 14,750/mt, and clawed back early gains due to rebounding crude oil prices, and closed at USD 14,925/mt, down 0.17%. Trading volumes decreased 1,220 to 3,053 lots, and total positions increased 2,023 to 210,773. LME nickel inventories grew 1,836 to 42,256 mt.

LME nickel prices are expected to experience corrections today. Spot nickel prices in Shanghai will move between RMB 108,000-109,000/mt.