Metals News
SMM Morning Review - 20107/26 Nickel Market
smm insight
Jul 26,2010

SHANGHAI, July 26 (SMM) -- LME nickel prices opened at USD 20,205/mt and closed at USD 20,425/mt last Friday, up USD 220/mt from a day earlier, with the highest price at USD 20,631/mt and the lowest price at USD 20,120/mt. Daily trading volumes were 3,278 lots and positions were 86,303 lots. LME nickel inventories reduced by 396mt to 116,814mt.

Fund flooded in the market from improved economic prospect, pushing up nickel prices. The metals showed little reaction in after-hours electronic trading to the European bank stress results, which did not contain many surprises, with just seven out of 91 European Union banks failing the test. Better-than-expected German business confidence data and U.K. Q2 GDP data kept up confidence in early trading.

It is expected that LME nickel prices will move between USD 19,700-20,700/mt on July 26th. 

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