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SMM Morning Review - 2010/7/16 Nickel Market
Jul 16,2010 10:10CST
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SHANGHAI, July 16 (SMM) -- LME nickel for delivery in three months opened at USD 19,300/mt and closed at USD 19,374/mt on Thursday, up 74/mt from a day earlier, with the highest price at USD 19,523/mt and the lowest price at USD 19,150/mt. Daily trading volumes were 1,243 lots and positions were 89,167 lots. Inventories reduced by 234mt to 119,562mt. LME nickel prices have fluctuated recently, with prices ending with slight gains.

In the week ending July 10, the US initial jobless claim fell to the lowest since August 23, 2008, the biggest decline recorded on February 6, 2010. The US Producer Price Index in June has fallen for three consecutive months, and the JPMorgan reported profit in the second quarter. However, base metal prices were insensitive towards the above data. 

It is expected that LME nickel prices will continue fluctuation trend between USD 19,000-2,000/mt on July 16.


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