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SMM Morning Review – 2010/8/23 Nickel Market
Aug 23, 2010 09:46CST
Source:SMM

SHANGHAI, Aug. 23 (SMM) -- LME nickel prices opened at USD 21,750/mt and closed at USD 21,557/mt last Friday, down USD 229/mt from a day earlier, with the highest price at USD 21,795/mt and the lowest price at USD 21,293/mt. Daily trading volumes were 1,698 lots and positions were 96,841 lots. LME nickel inventories were up by 720 mt to 116,388 mt.

LME nickel prices ended with losses last Friday, dragging down by a strong US dollar. An official from the European central bank remarked that the European central bank will remain its current currency policy for a long time, and added market concern over the economic recovery in the euro zone, weighing on the euro and pushing up the US dollar versus the euro. Current base metal prices are more likely affected by macro economic data than inventory fundamentals, despite that market inventories have been on downward track for several weeks.

Current base metal price trend is still not clear, and it is expected that LME nickel prices will move between USD 21,000-22,300/mt on Monday.

 

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