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SMM Morning Review - 2010/5/6 Nickel Market
May 6,2010 10:51CST
smm insight

SHANGHAI, May 6 (SMM) -- LME nickel prices opened at USD 24,350/mt yesterday, and closed at USD 22,365/mt, with highest price at USD 24,625/mt and lowest price at USD 20,701/mt. Daily trading volumes were 7,385 lots and positions were 97,027 lots.

LME nickel prices fell by USD 2,035/mt, or down 8.34% on May 5th, the biggest drop since January 2009. As investors concerned over spread of Greece debt crisis, stumble of stock market and the uncertainty of metal demand from China which is the largest consuming countries in the world, base metal prices all fell significantly. Besides the debt crisis in Greece, rating agencies Moody will review credit rating of Portuguese, and may cut credit rating of the company. The impact on demand in China from China's tight monetary policy as well as other policies to curb real estates industry remains the biggest concern for investors. LME nickel prices fell the most, which is also affected by the news that Vale has resumed talks with striking workers at Ontario nickel mine in Canada.

LME nickel prices will fluctuate recently, with prices moving between USD 20,000-23,000/mt.

To contact the writer on this report: cracewu@smm.cn


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