SMM Morning Review - 2010/7/30 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 2010/7/30 Nickel Market

SMM Insight 09:29:39AM Jul 30, 2010 Source:SMM

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.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

 

Key Words:  nickel Ni  nickel price  

SMM Morning Review - 2010/7/30 Nickel Market

SMM Insight 09:29:39AM Jul 30, 2010 Source:SMM

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.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

 

Key Words:  nickel Ni  nickel price