SMM Morning Review - 2010/7/23 Nickel Market

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.

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