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SMM Morning Review - 20107/5 Nickel Market
Jul 5,2010 09:25CST
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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

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