SMM Morning Review - 2010/7/8 Nickel Market

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

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