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SMM Morning Review - 2010/9/7 Nickel Market
Sep 7,2010 09:52CST
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SHANGHAI, Sep. 7 (SMM) -- LME nickel prices opened at USD 21,850/mt and closed at USD 22,140/mt, up by USD 366/mt from a day earlier, reaching the highest at USD 22,250/mt and touching the lowest at USD 21,850/mt. Daily trading volumes were 1,057 lots and positions were 98,968 lots. LME nickel inventories were down by 468 mt to 119,886 mt.

LME base metal prices mostly ended with gains due to release of better-than-expected payroll report from the US. In addition, firm equity markets in overseas market also lend support for base metal prices. However, overall trading volumes were low, and trading sentient was quite, which is mainly due to absence of investors due to the national Labor Day holiday. Equity markets in Asian and the EU rallied on Monday, boosting market sentiment and dampening the US dollar index. 

It is expected that LME nickel prices will move between USD 21,500-22,300/mt on Tuesday.


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