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SMM Morning Review - 2010/7/27 Nickel Market
Jul 27,2010 09:39CST
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SHANGHAI, July 27 (SMM) -- LME nickel prices opened at USD 20,310/mt and closed at USD 20,775/mt on Monday, up USD 350/mt from a day earlier, with the highest price at USD 20,810/mt and the lowest price at USD 20,310/mt. Daily trading volumes were 2,269 lots and positions were 87,100 lots. LME nickel inventories reduced by 552mt to 116,262mt.

LME base metals continued to extend their gains on Monday, lifted by strong fundamentals and better-than-expected US home sales data. The US Department of Commerce released on Monday that June new home sales were up 23.6% from a month earlier, with an annual rate of 330,000 units, and previous estimation by analysts was 320,000 units. The revised May new home sales hit a record low of 267,000 units and the previous figure was 300,000 units. MoM growth of June new home sales hit a high last seen in May 1980. Market sentiment continued to improve. The euro versus the US dollar advanced to USD 1.30. Risk appetite was increased following positive European Union bank stress result and strong economic data in the US and the EU.

It is expected that LME nickel prices will move between USD 20,000-21,000/mt on July 27. 

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