SHANGHAI, Dec. 15 (CBI China) -- On Friday, LME nickel closed at USD 11,550/mt, up USD 500 from the previous day level, the inventory was 69,234 mt, up 594 mt. U.S. Department of Commerce announced on Friday that the United States retail sales in November fell 1.8%, the forecast decline was 1.9%; in October fell 2.9%, the initial decline was 2.8%. On Friday, the U.S. Senate rejected the bailout plan for car industry, FME nickel prices fell.
On Friday Goldman Sachs has lowered its estimates of the basic metals due to a sharp deterioration in global industrial output and demand prospects in 2009. Goldman Sachs reduced three-month London Metal Exchange (LME) nickel prices from USD 11,095 to USD 8000.
From technical level, the current LME nickel demand has not improved; we believe that nickel prices will callback in the emergence of rising, and will fluctuate around USD 10,000.
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