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SMM Morning Review - 2010/7/29 Nickel Market
Jul 29,2010 09:31CST
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Source:SMM

SHANGHAI, July 29 (SMM) -- LME nickel prices opened at USD 20,500/mt and closed at USD 20,450mt on Wednesday, down USD 80/mt from a day earlier, with the highest price at USD 20,945/mt and the lowest price at USD 20,370/mt. Daily trading volumes were 1,957 lots and positions were 88,092 lots. Inventories reduced by 384mt to 116,334mt.

LME nickel prices ended with slight losses, due to lower-than-expected US economic data. According to data released by the US Department of Commerce on Wednesday, the manufactured durable goods slid 1.0% in June, the second consecutive monthly fall, and previous estimation from analysts was up 1.1%. The revised data in May were down 0.8%, and previous data were down 0.6%. Market concern over the euro zone situation eased to certain extent after the release of the European bank stress tests results, and LME nickel prices continued to receive support from declining LME nickel inventories.

It is expected that LME nickel prices will remain fluctuation price band between USD 20,000-21,000/mt on Thursday.

 

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