Home / Metal News / Copper / SMM Morning Review - 2011/12/26 Nickel Market
SMM Morning Review - 2011/12/26 Nickel Market
Dec 26,2011 09:33CST
smm insight
Source:SMM
Affected by last Friday's LME nickel price decline, spot nickel prices are expected to move in the RMB 128,000-130,000/mt range on Monday.

SHANGHAI, Jun. 26 (SMM) -- LME nickel for delivery in three months opened at USD 18,700/mt and closed at USD 18,512/mt, down by USD 103/mt from a day earlier, with the highest price at USD 18,850/mt and the lowest price at USD 18,525/mt. Daily trading volumes were 1,326 lots, down 236 lots. Positions were 106,665 lots, down by 3,186 lots from a day earlier. LME tin inventories were down by 474 mt to 90,042 mt.

In LME nickel market, trading volumes and positions both fell amid quiet trading sentiment before Christmas holiday, but inventories increased. LME nickel prices fluctuated narrowly between USD 19,000-18,600/mt, and finally closed at USD 18,512/mt, slightly lower from a day earlier.

Trading sentient was quiet ahead Christmas holiday, but the US equity market rallied last Friday from growing risk appetite following announcement of better-than-expected economic data. The US index fluctuated narrowly last Friday. LME base metal prices ended mixed. LME copper prices were relatively stronger on upbeat economic data, but still reported thin trading volumes amid pre-holiday atmosphere.

LME was closed on Friday. Affected by last Friday's LME nickel price decline, spot nickel prices are expected to move in the RMB 128,000-130,000/mt range on Monday.
 

nickel; nickel price; LME nickel price; spot nickel price; European debt crisis; US dollar; euro; Dec. 26; in the Shanghai nickel spot market;

For queries, please contact Frank LIU at liuxiaolei@smm.cn

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

Related news