SMM Morning Review - 2010/7/21Nickel Market

SHANGHAI, July 21 (SMM) -- LME nickel prices opened at USD 18,924/mt and closed at USD 19,090mt on Tuesday, up USD 300/mt from a day earlier, with the highest price at USD 19,200/mt and the lowest price at USD 18,800/mt. Daily trading volumes were 1,382 lots and positions were 87,994 lots. LME nickel inventories reduced by 330mt to 118,206mt.

LME base metal ended higher Tuesday in a commodity-wide rally that broke away from a weaker euro and falling equity markets. Operating rates of the US homes slipped by 5% to a ten-month low. Lower-than-expected performances from Goldman Sachs, IBM and Texas Instruments further dampened market sentiment. LME nickel inventories continued to slip, lending support for nickel prices.

It is expected that LME nickel prices will move between USD 18,500-19,500/mt on Wednesday.

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