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SMM Morning Review - 2010/8/20 Nickel Market
Aug 20, 2010 09:38CST

SHANGHAI, Aug. 20 (SMM) -- LME nickel for delivery in three months opened at USD 21,835/mt and closed at USD 21,786/mt on Thursday, down 114/mt from a day earlier, with the highest price at USD 22,325/mt and the lowest price at USD 21,625/mt. Daily trading volumes were 2,340 lots and positions were 94,058 lots. Inventories were down by 300 mt to 115,668 mt.

LME base metal prices ended lower on Thursday night after the release poor US economic data. The US Conference Board released on Thursday that the index of leading U.S. economic indicators was up 0.1% to 109.8, and previous estimation from the analysts was up by 0.2%. The US Department of Labor announced on Thursday that last week initial jobless claim ending on August 14 increased by 12,000 to 500,000, and forecasts were for filings to decline by 4,000. The poor economic data added concern over slower economic growth in the US.

It is expected that LME nickel prices will move between USD 21,500-22,500/mt on Friday.


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