SMM Morning Review - 2010/7/23 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 2010/7/23 Nickel Market

SMM Insight 09:23:08AM Jul 23, 2010 Source:SMM

SHANGHAI, July 23 (SMM) -- LME nickel for delivery in three months opened at USD 19,400/mt and closed at USD 20,205/mt on Thursday, up 728/mt from a day earlier, with the highest price at USD 20,251/mt and the lowest price at USD 19,330/mt. Daily trading volumes were 3,337 lots and positions were 85,809 lots. Inventories reduced by 552mt to 117,210mt.

LME nickel prices rallied with other base metals to a three-week high from fund buying and short-covering. The triple-digit growth of Down Jones Industrial Average also helped, and strong earnings results from company and better-than-expected euro zone economic data gave markets a dose of confidence. European stress test results will be released Friday, which will be a key factor in prolonging or reining in this week's rally

It is expected that LME nickel prices will move between USD 19,500-2,050/mt on July 23.

 

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 - 2010/7/23 Nickel Market

SMM Insight 09:23:08AM Jul 23, 2010 Source:SMM

SHANGHAI, July 23 (SMM) -- LME nickel for delivery in three months opened at USD 19,400/mt and closed at USD 20,205/mt on Thursday, up 728/mt from a day earlier, with the highest price at USD 20,251/mt and the lowest price at USD 19,330/mt. Daily trading volumes were 3,337 lots and positions were 85,809 lots. Inventories reduced by 552mt to 117,210mt.

LME nickel prices rallied with other base metals to a three-week high from fund buying and short-covering. The triple-digit growth of Down Jones Industrial Average also helped, and strong earnings results from company and better-than-expected euro zone economic data gave markets a dose of confidence. European stress test results will be released Friday, which will be a key factor in prolonging or reining in this week's rally

It is expected that LME nickel prices will move between USD 19,500-2,050/mt on July 23.

 

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