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SMM Morning Review - 2010/8/19Nickel Market
SHANGHAI, Aug. 19 (SMM) -- LME nickel prices opened at USD 22,000/mt and closed at USD 21,900/mt on Wednesday, down USD 175/mt from a day earlier, with the highest price at USD 22,265/mt and the lowest price at USD 21,600/mt. Daily trading volumes were 1,610 lots and positions were 92,656 lots. Inventories were down by 624 mt to 115,968 mt.
The US dollar rebound slightly last night and weighed on base metal prices. In this context, LME nickel prices ended with marginally losses last night. According to the 21st Century Economic Report, China's bank regulators asked banks in Beijing to test impact on bank loans if real estate value falls below mortgage loans. This move added concern over a possible slow down of China's economic growth.
Uncertainties over economic outlook further weighed on the market, and it is expected that LME nickel prices will move between USD 21,500-22,500/mt on Thursday.
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