SMM Morning Review - 2010/6/29 Nickel Market

SHANGHAI, Jun. 29 (SMM) -- LME nickel prices opened at USD 20,000mt and closed at USD 20,417/mt on June 29th, up USD 395/mt from a day earlier, with the highest price at USD 20,600/mt and the lowest price at USD 19,820/mt. Daily trading volumes were 1,876 lots and positions were 87,520 lots.

LME base metal prices closed with gains on Monday, boosted by the US consumption expenditure data as well as advances of the European equity markets, but rising room for base metal prices is limited as demand is still expected to be fragile in the following several months. Economic data released from the US were mixed. Personal spending in May was up 0.2%, and the previous expectation was 0.1%, lending support for base metal prices, but personal savings reached an eight-month high. Consumer confidence index will be released today. Close attention should be paid to G20 summit this week.

It is expected that prices will move between USD 19,500-20,500/mt on June 29th.

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

 
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