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SMM Morning Review - 2010/7/22 Nickel Market
SHANGHAI, July 22 (SMM) -- LME nickel prices opened at USD 19,100/mt and closed at USD 19,477mt on Wednesday, up USD 387/mt from a day earlier, with the highest price at USD 19,575/mt and the lowest price at USD 19,100/mt. Daily trading volumes were 1,709 lots and positions were 84,937 lots. Inventories reduced by 444mt to 117,762mt.
LME base metal still ended with gains on Wednesday, triggered by short-covering and some found buying, but there were still no solid news available. The recently constant decline of LME nickel inventories helped support fundamentals. Close attention should be paid to testimony from Federal Reserve chairman Ben Bernanke to the U.S. Senate.
It is expected that LME nickel prices will move between USD 19,000-19,800/mt.
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