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SMM Morning Review - 2010/6/11 Nickel Market
Jun 11,2010 10:59CST
smm insight

SHANGHAI, Jun. 11 (SMM) -- LME nickel for delivery in three months opened at USD 19,020/mt and closed at USD 18,940/mt, down USD 140/mt from a day earlier, with highest price at USD 19,550/mt and lowest price at USD 18,756/mt. Daily trading volumes were 2,020 lots and positions were 91,020 lots.

LME nickel prices firstly advanced but later declined yesterday, as the euro fell from a six-day high versus the US dollar. The global equity markets were all boosted by China's copper import data which are still not strong enough to support base metal prices to retain previous gains. According to China Customs, China's imports of unwrought copper and copper semis were 396,712mt, slightly lower than previous estimations and slightly slower than April's 436,345mt. However, the exporting data in May are still higher than that in any month from October 2009 to February 2010, indicating strong demand for metal from China. 

It is expected that LME nickel prices will move between USD 18,000-19,300/mt today.

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


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