SHANGHAI, Jan. 5 (SMM) -- Yesterday, LME nickel prices opened at USD 18,800/mt, with highest and lowest level at USD 19,238/mt and USD 18,699/mt, respectively, and finally prices ended at USD 18,900/mt. Total trading volumes reported 2,027 lots, and positions were 99,961 lots.
The US Institute for Supply Management (ISM) announced on Monday that the manufacturing index in December was 55.9, higher than previous forecast of 54.3, rising for five consecutive months. China announced that China Manufacturing Purchasing Managers Index (PMI) in December 2009 was 56.6%, up 1.4 percentage points compared with October levels. The manufacturing index in both China and the US has shown a strong upward momentum, helping push up base metals prices. Recently, the US dollar index fluctuated due to market choice between expectations of interest rate hikes and expectations of economic recovery (to choose the US dollar who was strong recently, or to choose higher-risk assets). The US will release the non-farm employment data in December this weekend, may leaving a direction for the US dollar.
LME nickel prices will continue to fluctuate today, but the optimistic momentum will remain strong, since base metals have drawn more attention from investors recently. SMM predicts LME nickel prices will move in the USD 18,600-19,200/mt range today.
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