SMM Morning Review - 2010/7/8 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 2010/7/8 Nickel Market

SMM Insight 09:40:28AM Jul 08, 2010 Source:SMM

SHANGHAI, July 8 (SMM) -- LME nickel for delivery in three months opened at USD 19,000/mt and closed at USD 19,225mt on Wednesday, up USD 300/mt from a day earlier, with the highest price at USD 19,225/mt and the lowest price at USD 18,800/mt. Daily trading volumes were 1,538 lots and positions were 87,550lots.

Base metals on the London Metal Exchange bounced backWednesday, due to a recovery in the euro and gains in U.S. equity markets. U.S. equities rose on better earnings forecasts for the financial sector, sending a wave of confidence through markets that lifted the euro versus  the dollar and helped metals recoup losses made on a poor showing by Asian equity markets overnight.

Investors' concern over economic prospect will continue to weigh market, and it is expected that LME nickel prices will move between USD 18,500-19,500/mt.

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 - 2010/7/8 Nickel Market

SMM Insight 09:40:28AM Jul 08, 2010 Source:SMM

SHANGHAI, July 8 (SMM) -- LME nickel for delivery in three months opened at USD 19,000/mt and closed at USD 19,225mt on Wednesday, up USD 300/mt from a day earlier, with the highest price at USD 19,225/mt and the lowest price at USD 18,800/mt. Daily trading volumes were 1,538 lots and positions were 87,550lots.

Base metals on the London Metal Exchange bounced backWednesday, due to a recovery in the euro and gains in U.S. equity markets. U.S. equities rose on better earnings forecasts for the financial sector, sending a wave of confidence through markets that lifted the euro versus  the dollar and helped metals recoup losses made on a poor showing by Asian equity markets overnight.

Investors' concern over economic prospect will continue to weigh market, and it is expected that LME nickel prices will move between USD 18,500-19,500/mt.

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