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SMM Morning Review - 2010/8/17 Nickel Market
Aug 17, 2010 10:01CST

SHANGHAI, Aug. 17 (SMM) -- LME nickel prices opened at USD 21,400/mt and closed at USD 21,560/mt on Monday, up USD 160/mt from a day earlier, with the highest price at USD 21,640/mt and the lowest price at USD 21,260/mt. Daily trading volumes were 707 lots and positions were 97,866 lots. LME nickel inventories were up by 12 mt to 117,012 mt. LME base metal prices advanced on softer US dollar, and the recent price decline stimulated buying interest.

Data from the Federal Reserve last Friday showed that the US Federal Reserve manufacture index was 7.10 in August, and the previous estimation was at 8.0, while the index in July was 5.08. However, new orders and shipments deteriorated. New orders slipped from 10.13 last month to current 2.71, and shipments index plunged from 6.31 in July to -11.50. With few major economic releases scheduled in the week ahead, analysts expect the markets to continue tracking currencies, as well as technical signals and equities.

It is expected that LME nickel prices will move between USD 21,000-22,000/mt on Tuesday.

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