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SMM Morning Review - 2010/5/26 Nickel Market
May 26,2010 10:21CST
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SHANGHAI, May 26 (SMM) -- LME nickel prices opened at USD 21,869/mt yesterday, and closed at USD 21,242/mt, down USD 986/mt from a day earlier, with highest price at USD 21,900/mt and lowest price at USD 20,756/mt. Daily trading volumes were 2,237 lots and positions were 89,620 lots.

As market still concerned over solvency of Spanish bank, the fear of the euro zone continued to weigh on base metal markets. With interbank interest rates continuing to rise sharply, investors' concern over banks in the euro zone intensified. The Spanish Central Bank took over a small bankrupt bank last weekend, triggering concern over economy prospect in euro zone and causing sell-offs of the euro on Monday. Recent sluggish transactions suggested strong wait-and-see sentiment from investors. Jinchuan Group announced through its website on Monday that the company would shot down its nickel flash furnace located in Gansu province  as of Tuesday for 140 days to conduct unit maintenance. 

Base metal prices still fluctuated due to the concern over debt crisis in euro, and LME nickel prices are expected to move in the USD 20,700-22,000/mt range today.

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


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