SMM Morning Review - 2010/6/17 Nickel Market

SHANGHAI, Jun. 17 (SMM) -- LME nickel for delivery in three months opened at USD 20,300/mt and closed at USD 19,950/mt on June 16th, down USD 350/mt from a day earlier, with the highest price at USD 20,550/mt and the lowest price at USD 19,610/mt. Daily trading volumes were 2,100 lots and positions were 89,100 lots.

Most LME metal prices closed with losses on Wednesday due to lower-than-expected home data from the US the weakening euro. The US Department of Commerce announced on Wednesday that operating rates of the US home were down 10%, with annual rate of 593,000 units after conversion, which raised concern that the US economic recovery may be slower due to weak house market. The EU debt crisis still lingers, and prices still have risks to fall further.

It is expected that LME nickel prices will move in the USD 19,500-20,500/mt range on June 17th.

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

 
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