Home / Metal News / SMM Morning Review - 2010/8/27 Nickel Market

SMM Morning Review - 2010/8/27 Nickel Market

iconAug 27, 2010 09:38
Source:SMM

SHANGHAI, August 27 (SMM) -- On Tuesday, LME nickel prices opened at USD 20,160/mt and closed at USD 20,552/mt, down USD 224/mt from a day earlier, with the highest price at USD 20,625/mt and the lowest price at USD 20,160/mt. Daily trading volumes were 2,074 lots and positions were 98,016 lots. LME nickel inventories were up by 654 mt to 118,956 mt.

Boosted by higher-than-expected initial jobless claim from the US, LME base metal prices rebounded yesterday. According to data from the US Department of Labor, the US jobless claim in the week ending on August 21 slipped to 473,000, and the estimation was 490,000, while revised data from a week earlier were 504,000 and the initial one was 500,000/mt. After the release of the data, short-recovering increased, but upward momentum may hard to extend due to lack of new buying.

It is expected that LME nickel prices will move between USD 20,000-21,000/mt on Friday.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn
 
 

jobless claim
nickel Ni
nickel price

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news