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Home / Metal News / SMM Morning Review - 2010/5/31 Nickel Market

SMM Morning Review - 2010/5/31 Nickel Market

iconMay 31, 2010 00:00
Source:上海有色金属网

SHANGHAI, May 31 (SMM) -- On May 28th, LME nickel prices opened at USD 21,800/mt and closed at USD 21,050/mt, down USD 646/mt. The highest and lowest price level in the session was USD 21,850/mt and USD 21,050/mt on the LME nickel market. Trading volumes for the whole trading day were 1,350 lots, with positions at 90,010 lots. Inventories were reported at 138,786 mt, up 138 mt.

Market attention was once again shifting to the debt issues in Europe, after Fitch last Friday downgraded Spain's ratings, adding to market fears over debt issues in the euro zone. US consumer spending was flat in April, lower than expected. The Chicago purchasing managers index fell to 59.7 in May, about 2 pts below estimates of 62.0, negatively affecting market sentiment. At present, base metals prices are closely linked to changes in the euro zone. Orders for stainless steel in Europe remain stable in June.

SMM expects LME nickel prices will move between USD 21,050-22,000/mt in the short term. 

To contact the writer on this report: cracewu@smm.cn

 

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