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SMM Morning Review - 2010/8/10 Nickel Market
SHANGHAI, Aug. 10 (SMM) -- LME nickel prices opened at USD 22,225/mt and closed at USD 22,830/mt on Monday, up USD 810/mt from a day earlier, with the highest price at USD 22,898/mt and the lowest price at USD 22,100/mt. Daily trading volumes were 2,043 lots and positions were 89,086 lots. LME nickel inventories were down by 1,062 mt to 116,274mt.
LME nickel prices ended with strong gains last night, and hit a three-month high, which is mainly boosted by technical buying. Equity markets in the US and the EU rose slightly, also helping boost base metal prices. The interest rate results from the Federal Reserve meeting will be released today. Market is also waiting for a series economic data to be released t his week, including imports and exports data in July.
It is expected that LME nickel prices will move between USD 22,000-23,000/mt on Tuesday.
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