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SMM Morning Review – 2010/8/16Nickel Market
SHANGHAI, Aug 16 (SMM) -- LME nickel prices opened at USD 21,425/mt and closed at USD 21,400/mt last Friday, down USD 75/mt from a day earlier, with the highest price at USD 21,868/mt and the lowest price at USD 21,200/mt. Daily trading volumes were 1,626 lots and positions were 97,094 lots. LME nickel inventories were up 306 mt to 117,000 mt. LME nickel prices ended slightly lower last Friday due to weaker equity market and stronger US dollar.
The US economic data released last Friday indicated significant slower of economic growth, curbing upward momentum of base metal prices. The US University of Michigan Consumer Confidence Index in August was higher than that in June, but the survey showed that consumers forecasted that the economic growth will stagnate. The slight rebound of retail sales also indicated continuing sluggish economy. Risk aversion sentiment pushed up the US dollar index which reached 83 last Friday.
It is expected that LME nickel prices will move between USD 21,000-22,000/mt.
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