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SMM Morning Review - 2010/7/20 Nickel Market
SHANGHAI, July 20 (SMM) -- LME nickel prices opened at USD 19200/mt and closed at USD 18790/mt last Friday, down USD 434/mt from a day earlier, with the highest price at USD 19,200/mt and the lowest price at USD 18,700/mt. Daily trading volumes were1,929 lots and positions were 89,435 lots. LME nickel inventories reduced by 150mt to 118,536mt. LME nickel prices extended declines amid concern over global economic recovery.
National Association of Home Builders (NAHB) released on Monday that home-builders' confidence in July hit a yearly low, and a previous favorable tax for purchasing homes was ended in April. The weak figure from the US home builders and a soft tone in most equity market weighted on metals. The Euro stood at a tow-moth high versus the US dollar and rebounded from the low when Moody cut Ireland credit rating. Investors are waiting for cues from results of bank stress test and the to-be-released US home data.
It is expected that LME nickel prices will move between USD 18,500-19,500/mt on July 20th.
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