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SMM Morning Review - 2010/9/16 Nickel Market
SHANGHAI, Sep. 16 (SMM) -- On Wednesday night, LME nickel prices opened at USD 23,200/mt and closed at USD 23,203/mt, up by USD 7/mt from a day earlier, with the highest price at USD 23,358/mt and the lowest price at USD 22,975/mt. Daily trading volumes were 1,883 lots and positions were 94,346 lots. LME nickel inventories were up by 822 mt to 119,856 mt.
LME nickel prices were basically flat from a day earlier, from weaker-than-expected US data and speculation that China will step up measures to cool its property market. The US industrial production figures also came in lower than expected, increasing 0.2% last month, against 0.6% in July and economists' expectations of a 0.3% rise. Manufacturing activity is expanding this month, but at a slower pace than in August.
It is expected that LME nickel prices will move between USD 22,700-23,400/mt on Thursday.
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