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SMM Morning Review - 2010/7/28Nickel Market
SHANGHAI, July 28 (SMM) -- LME nickel prices opened at USD 20,701/mt and closed at USD 20,530mt on Tuesday, down USD 245/mt from a day earlier, with the highest price at USD 20,975/mt and the lowest price at USD 20,325/mt. Daily trading volumes were 2,524 lots and positions were 87,012 lots. LME nickel inventories reduced by 312mt to 115,950mt.
LME nickel prices ended lower along with other base metal due to lower-than-expected US economic data. The U.S. Conference Board announced that the US July consumer confidence index was 50.4, significantly lower than market expectation, triggering exacerbated concern over a deterioration of the US economic situation. Close attention should be paid to the second quarter GDP report on Friday.
It is expected that LME nickel prices will move between USD 20,000-21,000/mt on Wednesday.
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