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SMM Morning Review - 2010/8/12Nickel Market
SHANGHAI, Aug. 12 (SMM) -- LME nickel prices opened at USD 22,110/mt and closed at USD 21,605/mt on Wednesday, down USD 645/mt from a day earlier, with the highest price at USD 22,424/mt and the lowest price at USD 21,597/mt. Daily trading volumes were 1,856 lots and positions were 94,404 lots. Inventories were up by 264 mt to 116,298 mt.
LME base metal prices ended lower on Wednesday on growing worries of slower economic growth in the US and China, and the Dow Jones slipped by 200 points. According to data released on Wednesday, the U.S. trade deficit unexpectedly increased to a record 21-month high in June. The US trade deficit was USD 49.9 billion in June and the previous estimation was USD 42 billion, while the revised data were USD 41.98 billion in May. The lower-than-expected economic data from the US added to gloomier outlook, rekindling concerns over economic growth.
It is expected that LME nickel prices will move between USD 21,000-22,000/mt on Thursay.
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