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SMM Morning Review - 2010/5/21Nickel Market
SHANGHAI, May 21 (SMM) -- LME three month nickel contract prices opened at USD 21,524/mt and closed at USD 21,135/mt, with highest price at USD 21,900/mt and lowest price at USD 20,700/mt. Daily trading volumes were 2,579 lots and positions were 92,327 lots.
LME base metal prices didn't fall significantly yesterday, which is attributed to the fact that the euro temporarily ceased to decline versus the US dollar. Although the decline pace of nickel prices became slower, commodity market is still heavily weighed as market still concerned the US dollar may be stimulated to advance by the weak euro given the haunting worries over the EU debt issues from investors.
It is expected that LME nickel prices will move between USD 20,400-22,000/mt today.
To contact the writer on this report: cracewu@smm.cn
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