SMM Morning Review - 2010/6/12 Nickel Market

SHANGHAI, June 12 (SMM) -- LME nickel prices opened at USD 18,941/mt and closed at USD 19,525/mt on June 11th, up USD 585/mt from a day earlier, with the highest price at USD 19,600/mt and the lowest price at USD 18,720/mt. Daily trading volumes were 2,290 lots and positions were 92,029 lots.

LME base metal prices mostly ended with gains on June 11th, which is mainly attributed to relatively positive economic data from the US and China, despite that the euro weakened and the US equinity markets slipped after the release of the lower-than-expected US retail sales. The US Department of Commerce announced that May retail sales data were down 1.2% and the previous prediction was up 0.2%. Due to improved employment and loan figure, University of Michigan consumer confidence index climbs to an approximately two-and-a-half year peak of 75.5, and this figure also eased the concern from the sipped retail sales data. Although the macro economic data were mostly positive, any uncertainties from the US debt crisis continued to weigh base metal performances in the short term.