Metals News
SMM Morning Review - 2012/7/5 Nickel Market
price review forecast
10:50AM
Source:SMM

SHANGHAI, Jul. 5 (SMM) – LME nickel prices overnight opened at USD 17,274/mt, with the high end USD 17,282/mt, finding support at USD 16,925/mt. Finally, LME nickel prices closed at USD 16,985/mt, down USD 235/mt. Trading volumes decreased by 2,675 lots to 2,026 lots, and total position was 105,704 lots, down 3,569 lots. LME nickel inventories were 103,674 mt, down 186 mt.

Transactions of LME nickel were sluggish due to the closure of US markets and the lack of significant economic data. Finally, LME nickel prices closed at USD 16,985/mt, down USD 235/mt.

LME base metal prices overnight fell slightly. Base metal prices were weighed down due to mixed European economic data. Eurozone May retail sales rose by 0.6%, better than the forecast, but annual rate dropped sharply. The revision of French 2012 budget act predicts GDP growth will be 0.3%, compared to previous 0.7%, and inflation rate is expected to be 1.9%. But France lowered GDP growth expectation for 2012, weighing down market risk appetite. PMI in the service sector in many European countries was mixed. Transactions in US were muted due to the Independence Day holiday, and the market should remain cautious ahead of the result of interest rates from European central bank and Bank of England.

LME nickel prices should move between USD 16,800-17,200/mt today, and domestic spot nickel prices should fall to RMB 121,000-123,500/mt.

 

LME nickel prices
nickel prices
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