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SMM Morning Review - 2010/5/25 Nickel Market
May 25,2010 09:58CST
smm insight
Source:SMM

SHANGHAI, May 25 (SMM) -- LME nickel prices opened at USD 21,400/mt yesterday, and closed at USD 22,228/mt, with highest price at USD 22,300/mt and lowest price at USD 21,250/mt. Daily trading volumes were 1,845 lots and positions were 90,607 lots.

Base metal prices all closed with gains, as US stock market rebounded after the release of better-than-expected house sale data as well as the rebound of euro versus the US dollar. The National Association of Realtors (NAR) announced on Monday that the sales of existing house in April were up 7.6% MoM, equaling to 5.77 million unit on a yearly basis after conversion, which is better than expectation of an increase of 4.7%. LME nickel prices have always been fluctuated since the big stumble last week, and the yesterday's significant rebound is mainly followed along with the stock market. The concern triggered by many unfavorable economic factors still exists in the market, and market outlook will not be optimistic in the short term.

It is expected that LME nickel prices will move in the RMB 20,700-22,000/mt range today.

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

 

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