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SMM Morning Review - 2010/5/11 Nickel Market
May 11,2010 10:58CST
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SHANGHAI, May 11 (SMM) -- LME nickel prices opened at USD 22,500/mt yesterday, and closed at USD 22,950/mt, with highest price at USD 23,650/mt and lowest price at USD 22,351/mt. Daily trading volumes were 2,868 lots and positions were 95,026 lots.

Global policy makers launched an emergency aid program with USD 1 trillion to stabilize global financial market and to prevent the euro from collapsing by the Greece debt crisis and LME base metal prices closed with significant gains on Monday as a result. China's Central Bank released the 1Q monetary policy report on Monday, reaffirming the continuation of a moderate easy monetary policy, maintaining continuous and stable policy while enhancing the relevance and flexibility of the policy, handling the relationship of stable, rapid economic development,  the economic structure adjustment and expectation of anti-inflation as well as maintaining the healthy operation of financial system. The news further boosted long position sentiment in the market.

The European debt crisis has eased to certain extend, and market confidence increased as a result. It is expected that prices will move in the USD 22,000-24,000/mt range today.

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


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