SMM Morning Review - 2010/9/10 Nickel Market

SHANGHAI, Sep. 10 (SMM) -- On Thursday, LME nickel prices opened at USD 22,850/mt and closed at USD 22,600/mt, down by USD 215/mt from a day earlier, with the highest price at USD 22,850/mt and the lowest price at USD 22,250/mt. Daily trading volumes were 2,890 lots and positions were 97,485 lots. LME nickel inventories were down by 324 mt to 118,956 mt.

LME base metal prices ended mostly lower on Thursday due to rumors that Chinese authorities were investigating positions in the rumor market, with stronger equity markets and upbeat U.S. data unable to reverse early losses. The US Department of Labor released on Thursday that weekly jobless claims fell to 451,000, and the estimation was 470,000. The revised data of previous weak were 478,000, and the initial reading was RMB 472,000. Commerce Department reported, U.S. trade deficit contracted sharply to USD 42.78 billion in July and the previous estimation was USD 47.3 billion, posting its biggest drop in 17 months. Revised trade deficit in June was USD 49.76 billion, and the previous reading was USD 49.9 billion.

It is expected that recent LME nickel market may face risks to slip due to Chinese authorities investigation, and LME nickel prices are expected to move between USD 22,000-22,500/mt.

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn