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SMM Morning Review - 2010/8/3 Nickel Market
Aug 3, 2010 09:34CST

SHANGHAI, Aug. 3 (SMM) -- LME nickel prices opened at USD 21,025/mt and closed at USD 21,825/mt on Monday, up USD 775/mt from a day earlier, with the highest price at USD 21,920/mt and the lowest price at USD 21,025/mt. Daily trading volumes were 2,484lots and positions were 88,020 lots. LME nickel inventories increased by 882mt to 118,380mt.

LME base metal prices advanced significantly on Monday, due to improved investor confidence from strong US business report. The US Institute for Supply Management (ISM) announced on Monday that PMI in July was 55.5, the previous estimation was 54.1, and the PMI in June was 56.2. Markit June final PMI in the euro zone was 56.7 and the initial one was 56.5, while the figure was 55.6 in June. The index has been above 50 for 10 consecutive months, with Germany and Italy experiencing the most striking performance.

Market sentiment was boosted from a series of better-than-expected economic data, and upward momentum for prices is strong. It is expected that LME nickel prices will move between USD 21,000-22,000/mt on Tuesday.

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