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SMM Morning Review - 20107/12 Nickel Market
SHANGHAI, July 12 (SMM) -- LME nickel prices opened at USD 19,375/mt and closed at USD 19,400/mt last Friday, up USD 25/mt from a day earlier, with the highest price at USD 19,545/mt and the lowest price at USD 19,175/mt. Daily trading volumes were 1,519 lots and positions were 88,787 lots. Inventories reduced by 666mt to 120,660mt.
LME nickel prices rallied along with other base metal prices last Friday, which is mainly attributed to improved confidence amid advances of global equity market. The recently base metal rally is largely due to advances of global economy as well as a weakening US dollar. However, trading volumes have been low, suggesting market participants are waiting for a clearer direction. Close attention should be paid to second-quarter earnings results and Chinese economic data next week.
It is expected that LME nickel prices will move between USD 19,000-20,000/mt on July 12th.
To contact the writer on this report: cracewu@smm.cn
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