SMM Morning Review - 2010/6/25 Nickel Market

SHANGHAI, Jun. 25 (SMM) -- LME nickel for delivery in three months opened at USD 19,344/mt and closed at USD 19,600/mt on June 24th, up USD 320/mt from a day earlier, with the highest price at USD 19,689/mt and the lowest price at USD 19,280/mt. Daily trading volumes were 1,077 lots and positions were 87,149 lots.

The US Department of Commerce announced on Thursday that the US durable orders in May were up 2.2% on a monthly basis, discounting national defense and commercial airplane orders, and the previous prediction was 1.2%. Moreover, last week initial jobless claims were down, lending support to boost market confidence. In this context, the euro strengthened against the US dollar, and base metal prices advanced.

LME nickel prices will continue to fluctuate between current price range between USD 19,000-20,000/mt on June 25th.

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

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