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SMM Morning Review – 2010/8/9Nickel Market
Aug 9, 2010 09:37CST
Source:SMM

SHANGHAI, Aug 9 (SMM) -- LME nickel prices opened at USD 21,860/mt and closed at USD 22,020/mt last Friday, up USD 160/mt from a day earlier, with the highest price at USD 22,280/mt and the lowest price at USD 21,750/mt. Daily trading volumes were 1,476 lots and positions were 88,676 lots. LME nickel inventories were down by 444 mt to 117,336 mt.

LME base metal prices ended mixed and most of them shaved previous gains last Friday following worse-than-expected economic employment data from the US. The US Department of Labor released last Friday, the US non-farm payrolls were down 131,000, and the previous estimation was down 65,000. The growth of private payrolls failed to offset the reduced payrolls from government sectors and more temporary census employees were laid off, while the growth of private payrolls were lower-than-expected, indicating that the US economic recovery is lack of momentum. The equity market slipped from the worse-than-expected employment data, and the euro rose to a three-month high versus the US dollar.

It is expected that LME nickel prices will continue to fluctuate at high levels between USD 21,500-22,000/mt on August 9. 

 

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