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SMM Morning Review - 2010/8/27 Nickel Market
Aug 27, 2010 09:38CST
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.

 

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