SMM Morning Review - 2010/6/2 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/2 Nickel Market

SMM Insight 11:01:29AM Jun 02, 2010 Source:SMM

SHANGHAI, Jun. 2 (SMM) -- LME nickel prices opened at USD 21,050/mt yesterday, and closed at USD 20,500/mt, down USD 550/mt from a day earlier, with highest price at USD 21,050/mt and lowest price at USD 20,250/mt.

China released two indicators that used to gauge manufacturing activities on Tuesday, manufacturing activities continued to expand, but the growth pace slowed down, showing preliminary effect of China's tightening monetary policies. Market sentiment is dampened due to China's lower-than-expected economic data. 

The European Central Bank warned on Monday that euro zone banks face up to 195 billion euros in a "second wave" of potential loan losses over the next 18 months due to the financial crisis, and disclosed it had increased purchases of euro zone government bonds. Profitability of European banks will be negatively affected. Market concerned that the European sovereign debt crisis may cause big losses for European banks. Meanwhile, lower-than-expected economic data from China triggered investors' concern over recovery of global economy. 

LME nickel prices received support at USD 20,450/mt, attracting transactions at this level, but later slipped in the afternoon session. It is expected that prices will move in the USD 19,980-21,000/mt range on June 2nd.

To contact the writer on this report: 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 - 2010/6/2 Nickel Market

SMM Insight 11:01:29AM Jun 02, 2010 Source:SMM

SHANGHAI, Jun. 2 (SMM) -- LME nickel prices opened at USD 21,050/mt yesterday, and closed at USD 20,500/mt, down USD 550/mt from a day earlier, with highest price at USD 21,050/mt and lowest price at USD 20,250/mt.

China released two indicators that used to gauge manufacturing activities on Tuesday, manufacturing activities continued to expand, but the growth pace slowed down, showing preliminary effect of China's tightening monetary policies. Market sentiment is dampened due to China's lower-than-expected economic data. 

The European Central Bank warned on Monday that euro zone banks face up to 195 billion euros in a "second wave" of potential loan losses over the next 18 months due to the financial crisis, and disclosed it had increased purchases of euro zone government bonds. Profitability of European banks will be negatively affected. Market concerned that the European sovereign debt crisis may cause big losses for European banks. Meanwhile, lower-than-expected economic data from China triggered investors' concern over recovery of global economy. 

LME nickel prices received support at USD 20,450/mt, attracting transactions at this level, but later slipped in the afternoon session. It is expected that prices will move in the USD 19,980-21,000/mt range on June 2nd.

To contact the writer on this report: 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