SHANGHAI, May 27 (SMM) -- LME three month nickel contract prices opened at USD 21,400/mt and closed at USD 21,340/mt, up USD 98/mt from a day earlier, with highest price at USD 21,790/mt and lowest price at USD 21,000/mt. Daily trading volumes were 1,526 lots and positions were 89,221 lots.
European and the US stock markets rebounded and the US macroeconomic data were optimistic, which helped support metal prices. However, as the euro was weak versus the US dollar, metal prices reversed previous gains. Organization for Economic Co-operation and Development (OECD) gave a positive prospect of global economy on Wednesday but also warned that the financial constraints as well as the debt-loaded European countries shall add uncertainties for the recovery of euro zone. The US Department of Commerce announced on Wednesday that new housing sales in April were up 14.8% MoM, or 504,000 units on a yearly basis after conversion, which is the highest since May 2008, and the previous estimation was 430,000 units. Trading volumes and transactions of LME nickel were both sluggish, an indication that investors were largely adopted a wait-and-see attitude due to uncertainties of the prospect in euro zone.
It is expected that LME nickel prices will move between USD 20,700-22,000/mt on Thursday.
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