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SMM Morning Review - 2010/7/7Nickel Market
Jul 7,2010 09:32CST
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Source:SMM

SHANGHAI, July 30 (SMM) -- LME nickel for delivery in three months opened at USD 18,600/mt and closed at USD 18,925mt on Tuesday, up USD 175/mt from a day earlier, with the highest price at USD 19,175/mt and the lowest price at USD 18,545/mt. Daily trading volumes were 1,905 lots and positions were 88,215 lots.

Base metals on the London Metal Exchange Tuesday rallied on a stronger euro and rising stock markets. An advance of China Shanghai composite index triggered rebound of LME copper prices, since China is the largest non-ferrous consuming country in the world. The euro rose to the highest level since mid-May versus the US dollar. The European and the US equity market rallied across the broad, and the Dow Jones index exceeded more than 100 points.

The ongoing macro uncertainties should continue to weigh base metal prices, and therefore LME nickel prices will likely to move between USD 18,500-19,500/mt.

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

 

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