SHANGHAI, Jun. 10 (SMM) -- LME nickel for delivery in three months opened at USD 18,350/mt and closed at USD 19,080/mt, up USD 630/mt from a day earlier, with highest price at USD 19,349/mt and lowest price at USD 18,200/mt. Daily trading volumes were 2,450 lots and positions were 90,170 lots.
LME base metal prices all closed with gains on June 9th, as investors' confidence is highly boosted by Reuters' report that domestic exports in May increased by 50% and from the advances of euro. It still takes time to tell whether the price decline is a real rebound or a retaliatory rebound for previous significant decline. PMI from China and the US suggested that base metals still have strong fundamentals, which will lend certain support for metal prices. However, market is still haunted by concern over the EU sovereign debt crisis and the monetary policy from China, so the possibility for prices to advance significantly is small.
It is expected that LME nickel prices will move between USD 17,800-19,300/mt on June 10th.
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