SMM Morning Review - 2010/7/30 Nickel Market

SHANGHAI, July 30 (SMM) -- LME nickel for delivery in three months opened at USD 20,460/mt and closed at USD 20,700/mt on Thursday, up 250/mt from a day earlier, with the highest price at USD 20,850/mt and the lowest price at USD 20,350/mt. Daily trading volumes were 2,050 lots and positions were 87,723 lots. Inventories increased by 444mt to 116,778mt.

LME nickel prices ended with gains on Thursday, as the firm equity market stimulated demand for metal. In addition, the strong euro and rebound market confidence also helped the price rally. According to the data from the U.S. Department of Labor, last week initial jobless claim ending on July 24 reduced by 11,000 to 457,000/mt and the previous estimation was 459,000/mt. The positive comments about the economic outlook made by the People's Republic Bank of China as well as the benign European bank test results continued to lift market confidence.

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

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