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SMM Morning Review - 2010/7/9 Nickel Market
Jul 9,2010 10:12CST
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Source:SMM

SHANGHAI, July 9 (SMM) -- LME nickel for delivery in three months opened at USD 19,250/mt and closed at USD 19,375/mt on Thursday, up 300/mt from a day earlier, with the highest price at USD 19,500/mt and the lowest price at USD 19,231/mt. Daily trading volumes were 1,519 lots and positions were 88,334 lots. Inventories reduced by 390mt to 121,326mt.

LME nickel prices rallied to a weakly high on Thursday due to rebound of equity markets and the Euro, a sign of increasing risk appetite, but gains slipped before closing on technical pressure and the haunting concern over economic recovery. Market confidence towards the euro improved to certain extent, and market expected positive importing data from China. In this context, fluctuation trend of nickel prices moved up, but uncertainties on future economy development will continue to hamper base metal prices from rising.

It is expected that LME nickel prices will continue fluctuation tend between USD 19,000-19,500/mt on Friday.

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

 

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