SMM Morning Review - 2010/6/8 Nickel Market-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Inventory data
  • Rare earth
  • Copper scrap
  • Copper
  • Evening comments
  • Market commentary
  • SMM
  • Morning comments
  • Aluminium
  • MMi Iron Ore Port Index
  • Futures movement
  • Cobalt
  • price forecast
  • Environmental protection drive

SMM Morning Review - 2010/6/8 Nickel Market

SMM Insight 10:19:21AM Jun 08, 2010 Source:SMM

SHANGHAI, Jun. 8 (SMM) -- LME nickel prices opened at USD 17,900/mt yesterday, and closed at USD 18,450/mt, up USD 385/mt from a day earlier, with highest price at USD 18,500/mt and lowest price at USD 17,375/mt. Daily trading volumes were 2,832 lots and positions were 89,474 lots.

Most LME base metal prices ended with losses, but only LME nickel prices advanced slightly. Market transactions were volatile, with market more affected by movements of the euro and the equity markets. The euro fell to a four-year low below USD 1.19 versus the US dollar, weighing down on metal markets. Market players are focusing on Hungary for the concern over expanding of the European debt crisis.

The financial markets were bearish due to investors concern over slower economic growth in the EU and China. In addition, the lower-than-expected employment data released last Friday still dampened market sentiment. It is expected that LME nickel prices will move between USD 17,500-19,000/mt on June 8th.

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 - 2010/6/8 Nickel Market

SMM Insight 10:19:21AM Jun 08, 2010 Source:SMM

SHANGHAI, Jun. 8 (SMM) -- LME nickel prices opened at USD 17,900/mt yesterday, and closed at USD 18,450/mt, up USD 385/mt from a day earlier, with highest price at USD 18,500/mt and lowest price at USD 17,375/mt. Daily trading volumes were 2,832 lots and positions were 89,474 lots.

Most LME base metal prices ended with losses, but only LME nickel prices advanced slightly. Market transactions were volatile, with market more affected by movements of the euro and the equity markets. The euro fell to a four-year low below USD 1.19 versus the US dollar, weighing down on metal markets. Market players are focusing on Hungary for the concern over expanding of the European debt crisis.

The financial markets were bearish due to investors concern over slower economic growth in the EU and China. In addition, the lower-than-expected employment data released last Friday still dampened market sentiment. It is expected that LME nickel prices will move between USD 17,500-19,000/mt on June 8th.

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