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SMM Morning Review - 2010/6/9 Nickel Market
Jun 9,2010 10:20CST
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Source:SMM

SHANGHAI, Jun. 9 (SMM) -- LME nickel for delivery in three months opened at USD 18,400/mt yesterday, and closed at USD 18,450/mt, unchanged from a day earlier, with highest price at USD 18,560/mt and lowest price at USD 17,836/mt. Daily trading volumes were 3,476 lots and positions were 89,637 lots.

LME base metal prices all closed with gains yesterday, propelled by rebound of the euro. In addition, the relatively stable equity markets also lent certain support from base metal prices. Performance of neighboring markets was mild and the euro versus the US dollar failed to stand above USD 1.20, indicating that the tension sentient hasn't come to an end yet. Base metal market will still be weighed by concern over expanding of European debt crisis, tightening monetary policy from China as well as lower-than-expected employment data from the US.

It is expected that LME nickel prices will move in the USD 17,500-19,000/mt range today.

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

 

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