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SMM Morning Review - 2010/5/18 Nickel Market
SHANGHAI, May 18 (SMM) -- LME nickel prices opened at USD 21,600/mt yesterday, and closed at USD 20,700/mt, with highest price at USD 21,650/mt and lowest price at USD 20,460/mt. Daily trading volumes were 3,277 lots and positions were 95,526 lots.
Base metal prices all fell sharply yesterday, as market was still haunted by the concern over the EU debt crisis. LME nickel prices fell by USD 877/mt or down by 4.06% from a day earlier. As investors still concerned over the euro trend and over whether or not the Chinese Government will adopt more monetary policies to tight liquid, which helped weigh down on base metal markets. The US stock market continued to slip on Monday, which prompted the decline trend of commodity markets.
The panic sentiment will not likely to change in the short term, and prices are expected to move in the USD 20,000-22,000/mt range today.
To contact the writer on this report: acracewu@smm.cn
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