SMM Morning Review - 20107/5 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 20107/5 Nickel Market

SMM Insight 09:25:14AM Jul 05, 2010 Source:SMM

SHANGHAI, July 5 (SMM) -- LME nickel prices opened at USD 19,150/mt and closed at USD 18,998/mt last Friday, down USD 102/mt from a day earlier, with the highest price at USD 19,450/mt and the lowest price at USD 18,710/mt. Daily trading volumes were 1,511 lots and positions were 87,601 lots.

The US Department of Commerce announced last Friday that the US non-farm employment data in June reduced by 125,000 and the previous prediction was 110,000. However, the US added 83,000 private-sector jobs in June, and unemployment rate fell from 9.7% in May to 9.5% in July, and the previous estimation was 9.8%. The lower-than-expected manufacture data from the US and China suggested fragile confidence in economic recovery. In addition, manufacture expansion rate in June in the Euro zone fell to a four-month low. Weak equity market and the re-kindled concern over economic recovery continued to weigh on market sentiment.

It is expected that LME nickel prices will move between USD 18,500-19,500/mt on July 5th.

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


 
Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

 

Key Words:  nickel Ni  nickel price  

SMM Morning Review - 20107/5 Nickel Market

SMM Insight 09:25:14AM Jul 05, 2010 Source:SMM

SHANGHAI, July 5 (SMM) -- LME nickel prices opened at USD 19,150/mt and closed at USD 18,998/mt last Friday, down USD 102/mt from a day earlier, with the highest price at USD 19,450/mt and the lowest price at USD 18,710/mt. Daily trading volumes were 1,511 lots and positions were 87,601 lots.

The US Department of Commerce announced last Friday that the US non-farm employment data in June reduced by 125,000 and the previous prediction was 110,000. However, the US added 83,000 private-sector jobs in June, and unemployment rate fell from 9.7% in May to 9.5% in July, and the previous estimation was 9.8%. The lower-than-expected manufacture data from the US and China suggested fragile confidence in economic recovery. In addition, manufacture expansion rate in June in the Euro zone fell to a four-month low. Weak equity market and the re-kindled concern over economic recovery continued to weigh on market sentiment.

It is expected that LME nickel prices will move between USD 18,500-19,500/mt on July 5th.

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


 
Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

 

Key Words:  nickel Ni  nickel price