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Print[Ferro-Alloys.com]Yesterday（Oct.11st）, LME nickel opening price was USD$13723/mt, which ran between USD$13723-13980/mt, closing at USD$13907/mt with the increasing rate of USD$152/mt; Thenickel stock decreased 126tons to 228870tons. All compared with the last transaction day. The increase rate mainly benefited from the decline dollar index and the improvement of the debt problem of U.S..
Even though the negotiation between President Obama and Congressional Republicans on increasing the debt ceiling and the government shutdown problem had not reached agreement, the two sides agree to continue the talks to solve the problems. The active negotiation attitude pushed up the nickel price.
According to the informed source, the further talks would involve the reduction of the welfare expenditure which was supported by Obama. The market worried that the negotiation might be hampered. Adding to the poor U.S. Michigan Consumer Confidence Index, the dollar faced great pressure. On Oct. 11st, the dollar index declined by 0.06%. the weaker dollar stimulated theLME Nickel and other industrial metals.
In addition to the complex macro news, the rapid speed of nickel supply made the nickel price hard to go up. According to the statistics, the nickel stock on Oct.11st was 228870tons, increased by 6% compared with that of last month and enlarged by 89.4% compared with that of last year.
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