SMM Morning Review - 2010/7/13 Nickel Market

SHANGHAI, July 13 (SMM) -- LME nickel prices opened at USD 19,430/mt and closed at USD 19,149/mt on Monday, down USD 251/mt from a day earlier, with the highest price at USD 19,430/mt and the lowest price at USD 19,000/mt. Daily trading volumes were 976 lots and positions were 88,499 lots.

LME nickel prices closed with losses with other base metals on Monday after a day of thin trading in which data showing a drop in Chinese copper imports weighed heavily on sentiment. According to preliminary data in June from China Customers, China's imports of unwrought copper and copper semis were 328kt in June, lower than May's level of 397kt, down 17% MoM, and down 31% YoY. China's imports of scrap copper were 350kt, higher than that in May of 330kt. Chinese gross domestic product, inflation and production figures will all be released Thursday, which will help guide market directions.

It is expected that LME nickel prices will continue to fluctuate between USD 19,000-19,500/mt on July 13th. 

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

 
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