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SMM Morning Review - 2010/7/6 Nickel Market
Jul 6,2010 09:41CST
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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

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