Metals News
[Ni] SMM Morning Review - 2009/11/6 Nickel Market
smm insight
Dec 7,2009

SHANGHAI, Nov. 6 (SMM) -- LME nickel prices opened at USD 17,952/mt yesterday, with the highest price of USD 18,050/mt and the lowest price of USD 17,663/mt, and closed at USD 17,760/mt finally.

    The US Department of Labor announced on Thursday that the number of initial application for unemployment benefits in the US dropped to 512,000, lower than previous forecast of 523,000, helping the US dollar index rebound after plunged to 75.52 points. However, any positive impact from plunging US dollar index on base metal prices was limited, and the wait-and-see attitude dominated the investors, as market players remained concerned about demand for base metals and the employment data in the US will be released tonight.

    LME nickel prices are expected to fluctuate in the USD 17,600-18,100/mt range today, and will fluctuate widely after the release of non-farm employment data, but any negative impact on nickel prices will be limited if the non-farm employment data is negative, and LME nickel prices will find support at USD 17,500/mt.


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