SMM Morning Review - 2010/7/9 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 2010/7/9 Nickel Market

SMM Insight 10:12:24AM Jul 09, 2010 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

 

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 - 2010/7/9 Nickel Market

SMM Insight 10:12:24AM Jul 09, 2010 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

 

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