7-7-2011
The Euro is now trading nearly 2/10 of 1% higher against the US Dollar. NYMEX crude is up 1.6% and trading at $98.21/barrel. Gold is trading even and silver is up 1.6%. Base metals ended the day higher, and in some cases, much higher. Indicator charts show nickel was floundering early, but after US markets opened, the price of nickel shot higher. For the day, Dow Jones reports three month nickel closed at $10.84/lb Stockpiles of nickel stored in LME warehouses fell again yesterday and now stand at their lowest level since March 25, 2009. Today's figures put nickel numbers just under the 104,700 tonne level and if they continue to drop as they have over the last month, we will see the number fall below the psychologically important 100,000 tonne mark before the end of July. Equity and metals market turned bullish at the end of June and do not appear to tiring.
