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SMM Morning Review - 2010/7/2 Nickel Market
Jul 2,2010 10:09CST
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SHANGHAI, July 2 (SMM) -- LME nickel for delivery in three months opened at USD 19,358/mt and closed at USD 19,100/mt on July 1st, down USD 550/mt from a day earlier, with the highest price at USD 19,500/mt and the lowest price at USD 18,900/mt. Daily trading volumes were 1,990 lots and positions were 87,208 lots.

Investors' concern over global economic recovery exacerbated after the release of lower-than-expected data from China and the US, pushing up risk aversion sentiment and dragging down the US and Europe equity markets. National Association of Realtors (NAR) announced on Thursday that the US pending new home sales index in May was down 30.0% MoM, and the last week initial jobless claim expectedly increased. In addition, PMI that released on Thursday from China, India, Australia, South Korea and Taiwan indicated slower economy growth, and the June manufacture data in the Euro zone suggested that manufacture output may have already reached peak level in April. The non-farm employment data will be the major factor affecting market movement on Friday, and market sentiment may become more bearish if the data deteriorate.

It is expected that LME nickel prices will move between USD 18,500-19,500/mt.

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


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