SMM Morning Review - 2010/5/28 Nickel Market

SHANGHAI, May 28 (SMM) -- LME nickel for delivery in three months opened at USD 21,000/mt and closed at USD 21,696/mt, up USD 356/mt from a day earlier, with highest price at USD 21,800/mt and lowest price at USD 21,000/mt. Daily trading volumes were 1,505 lots and positions were 89,444 lots.

In view that the global economic data were improving, market confidence regained, and the concern that financial constraints and weak prospect of growth in euro zone may dray down global economy was eased to certain extant from previous days, the euro rebounded robustly and the stock market also advanced, pushing up all base metal prices. However, trading volumes were still low, an indication that investors' confidence flickered and the concern over euro zone still existed.

It is expected that LME nickel prices will move between USD 21,000-22,000/mt today.

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

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