SMM Morning Review - 2010/5/10 Nickel Market

SHANGHAI, May 10 (SMM) -- LME nickel prices opened at USD 21,800/mt last Friday and closed at USD 22,301/mt, with highest price at USD 22,750/mt and lowest price at USD 21,150/mt. Daily trading volumes were 2,438 lots and positions were 95,680 lots.

LME nickel prices advanced slightly last Friday, which is mainly due to the rebound of euro as Germany approved the emergency loan scheme to Greece. According to data released by the US Department of Labor last Friday, the US non-farm employment data in April increased by 290,000 after seasonally adjustment. The employment data in March increased by 230,000 in March after correction, while the previous data was 162,000 and the previous estimated by analysts were 200,000. Market responded flat to the US non-farm employment data today, but the concern over Greece sovereign debt crisis and the risks of the similar problems that may occur in other countries still exist. In this context, base metal prices still bear downward pressure.

It is expected that LME nickel prices will move in the USD 20,000-23,000/mt range today.

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

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