SMM Morning Review - 2010/6/1 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/1 Nickel Market

SMM Insight 10:08:13AM Jun 01, 2010 Source:SMM

SHANGHAI, Jun. 1 (SMM) -- The UK and American financial markets were closed on May 31st, and the US dollar index fluctuated narrowly around 5-day moving average at 86.7. China's stock market plunged before closing due to the release of news regarding levying property taxes, and market players concerned that the possible sluggish property market may exert negative impact on consumption of stainless steel and other metals. In this context, LME nickel prices opened at USD 21,000/mt, down USD 200/mt from a day earlier. Close attention should be paid to production limits and production cut from Chinese Stainless steel mills. It is expected that LME nickel prices will continued to move in the USD 20,400-22,000/mt range on June.

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

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

 

Key Words:  nickel Ni  nickel price 

SMM Morning Review - 2010/6/1 Nickel Market

SMM Insight 10:08:13AM Jun 01, 2010 Source:SMM

SHANGHAI, Jun. 1 (SMM) -- The UK and American financial markets were closed on May 31st, and the US dollar index fluctuated narrowly around 5-day moving average at 86.7. China's stock market plunged before closing due to the release of news regarding levying property taxes, and market players concerned that the possible sluggish property market may exert negative impact on consumption of stainless steel and other metals. In this context, LME nickel prices opened at USD 21,000/mt, down USD 200/mt from a day earlier. Close attention should be paid to production limits and production cut from Chinese Stainless steel mills. It is expected that LME nickel prices will continued to move in the USD 20,400-22,000/mt range on June.

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

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

 

Key Words:  nickel Ni  nickel price