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SMM Morning Review - 2010/9/14 Nickel Market
SHANGHAI, Sep. 14 (SMM) -- LME nickel prices opened at USD 22,550/mt and closed at USD 22,920/mt, up by USD 519/mt from a day earlier, reaching the highest at USD 23,168/mt and touching the lowest at USD 22,500/mt. Daily trading volumes were 2,063 lots and positions were 99,031 lots. LME nickel inventories were down by 342 mt to 118,818 mt.
LME base metals closed higher Monday as the euro rose against the US dollar and global equity markets gained. China's National Bureau of Statistics announced on last Saturday that China’s industrial added value in August was up by 13.9% YoY, and analyst estimation was up by 13.0%, brightened outlook for demand in China, the world's top metals consumer. LME nickel prices rallied to a 5-month high, supported by China’s reduced supply of refined nickel and decline of LME nickel inventory.
It is expected that LME nickel prices will move between USD 22,500-23,000/mt on Tuesday.
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