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SMM Morning Review - 2010/6/3 Nickel Market
Jun 3,2010 10:18CST
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SHANGHAI, Jun. 3 (SMM) -- LME nickel for delivery in three months opened at USD 20,300/mt yesterday, and closed at USD 19,900/mt, down USD 600/mt from a day earlier, with highest price at USD 20,300/mt and lowest price at USD 19,250/mt. Daily trading volumes were 3,382 lots and positions were 89,322 lots.

LME nickel for delivery in three months firstly declined but later advanced yesterday, as the advance of the US equity markets as well rebound of crude oil prices lent support for the bounce of LME nickel prices. National Association of Realtors (NAR) announced on Tuesday that the US April existing home sales index increased by 6.0% to 110.9, higher than market expectation, indicating that recovery momentum of the US economy grows, pushing up the US equity markets as well as the advance of base metal prices. Current metal market will continue to be affected by the concern from the EU economic development prospect as well as from the tight monetary policies by China.

It is expected that LME nickel prices will move in the USD 19,900-21,000/mt range today.

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


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