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SMM Morning Review - 2010/8/13 Nickel Market
SHANGHAI, Aug. 13 (SMM) -- LME nickel for delivery in three months opened at USD 21,500/mt and closed at USD 21,475/mt on Thursday, down 130mt from a day earlier, with the highest price at USD 21,22/mt and the lowest price at USD 21,00/mt. Daily trading volumes were 1,985 lots and positions were 94,821 lots. Inventories increased by 396 mt to 116,694 mt.
LME base metal prices shaved early losses and ended mostly higher on short-covering and higher euro versus the US dollar. Trading volumes were low, reflecting the lack of interest due to summer holiday in Europe, as well as a broader uncertainty on global growth and how equities and currencies will fare. Market concern over lower economic growth emerged again.
It is expected that LME nickel prices will move between USD 21,000-22,000/mt on Friday.
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