SMM Morning Review - 2010/7/6 Nickel Market-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Rare earths
  • Market commentary
  • Rare earth
  • Aluminium
  • Zinc
  • Copper
  • Macroeconomics
  • Sales data
  • Customs data
  • MMi Iron Ore Port Index
  • Iron ore
  • precious metals
  • Nickel
  • Futures movement

SMM Morning Review - 2010/7/6 Nickel Market

SMM Insight 09:41:52AM Jul 06, 2010 Source:SMM

SHANGHAI, July. 6 (SMM) -- LME nickel prices opened at USD 18,950/mt and closed at USD 18,750/mt on July 5th, down USD 248/mt from a day earlier, with the highest price at USD 19,239/mt and the lowest price at USD 18,650/mt. Daily trading volumes were 1,053 lots and positions were 88,412 lots.

LME nickel prices managed to retain gains made during the Asia trading period, holding well against the bearish influences of softer European equities and a weaker euro. Later, LME nickel prices shaved previous gains and fell by 1.3% as Vale SA reached a "tentative" agreement for a new contract with nickel workers in Canada. Vale SA, seeking to end the longest labor dispute in its 67-year history, reached a "tentative" agreement for a new contract with nickel workers in Canada. The provisional accord is for a five-year deal, Brazil's Vale said late yesterday in a statement. The United Steelworkers union said in a separate statement it will vote on the settlement on July 7 and 8 in Sudbury, Ontario, and July 8 in Port Colborne, also in Ontario. The news weighed down on nickel prices which may only rebound in Q4 driven by demand. Concerns over the euro debt crisis and China's economic development weighed on base metal prices.

It is expected that nickel prices will move in the USD 18,500-19,500/mt rang on July 6th.

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 - 2010/7/6 Nickel Market

SMM Insight 09:41:52AM Jul 06, 2010 Source:SMM

SHANGHAI, July. 6 (SMM) -- LME nickel prices opened at USD 18,950/mt and closed at USD 18,750/mt on July 5th, down USD 248/mt from a day earlier, with the highest price at USD 19,239/mt and the lowest price at USD 18,650/mt. Daily trading volumes were 1,053 lots and positions were 88,412 lots.

LME nickel prices managed to retain gains made during the Asia trading period, holding well against the bearish influences of softer European equities and a weaker euro. Later, LME nickel prices shaved previous gains and fell by 1.3% as Vale SA reached a "tentative" agreement for a new contract with nickel workers in Canada. Vale SA, seeking to end the longest labor dispute in its 67-year history, reached a "tentative" agreement for a new contract with nickel workers in Canada. The provisional accord is for a five-year deal, Brazil's Vale said late yesterday in a statement. The United Steelworkers union said in a separate statement it will vote on the settlement on July 7 and 8 in Sudbury, Ontario, and July 8 in Port Colborne, also in Ontario. The news weighed down on nickel prices which may only rebound in Q4 driven by demand. Concerns over the euro debt crisis and China's economic development weighed on base metal prices.

It is expected that nickel prices will move in the USD 18,500-19,500/mt rang on July 6th.

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