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SMM Morning Review - 2010/5/13 Nickel Market
May 13,2010 10:28CST
smm insight
Source:SMM

SHANGHAI, May 13 (SMM) -- LME three month nickel contract prices opened at USD 22,400/mt and closed at USD 22,591/mt, with highest price at USD 23,270/mt and lowest price at USD 22,020/mt. Daily trading volumes were 2,321 lots and positions were 95,811 lots.

Market focus has slightly shifted from the EU debt crisis, and the US dollar index lingered between 84-85 yesterday, providing a relatively spacious room for base metal prices that had experienced sharp decline to rebound. However, upward momentum for base metal prices was still weak given the EU debt crisis, weak demand from China, high inventory level as well as increased expectation of interest hike in China.

It is expected that LME nickel prices will move between USD 22,000-23,000/mt today.

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

 

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