SHANGHAI, Nov. 3 (SMM) -- LME nickel prices opened at USD 18,275/mt yesterday, with the highest price of USD 18,325/mt and the lowest price of USD 17,858/mt, and closed at USD 17,985/mt, with the trading volume of 1,584 lots.
The US Department of Commerce announced on Monday that the US construction spending in September increased by 0.8% to USD 940.3 billion, exceeding the previous prediction of a decline of 0.2%. The US Institute for Supply Management released on Monday that the manufacturing index in October was 55.7, higher than previous forecast of 53.0, setting a new high since April 2006. At present, market players were uncertain about the US dollar trends, as the US dollar continued to hover at 40-dat moving average line. The investors were waiting for the Fed's statement about the US economy on Wednesday, and base metal prices fluctuated at high levels as a result.
Base metal prices will continue to fluctuate in the near term. Although LME nickel inventories increased constantly, any downward room for nickel prices will be limited after recent declines. LME nickel prices are expected to hover in the USD 18,000-18,500/mt range today.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: email@example.com or tel:86-21-51550040