SMM Morning Review - 2010/12/2 Nickel Market-Shanghai Metals Market

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SMM Morning Review - 2010/12/2 Nickel Market

SMM Insight 09:52:48AM Dec 02, 2010 Source:SMM

SHANGHAI, Dec. 2 (SMM) -- LME nickel market opened at intraday low at USD 22,850/mt and closed at USD 23,689/mt, up by USD 844/mt.  Daily trading volumes were 2,381 lots and positions were 95,701 lots.

LME base metal prices ended with gains across the board overnight, boosted by stronger euro and a slew of positive economic data. Report from ADP Employer Services gave investors a dose of confidence and revised annual rate of QoQ US production rate of non-farm sector in Q3 was up, while construction spending was also better than expectation. In addition, China’s PMI in November climbed to a 7-month high and manufacturing data in Taiwan was also positive.

SMM believes that LME nickel prices will move between USD 22,500-23,500/mt on November 25th.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  nickel  nickel price  

SMM Morning Review - 2010/12/2 Nickel Market

SMM Insight 09:52:48AM Dec 02, 2010 Source:SMM

SHANGHAI, Dec. 2 (SMM) -- LME nickel market opened at intraday low at USD 22,850/mt and closed at USD 23,689/mt, up by USD 844/mt.  Daily trading volumes were 2,381 lots and positions were 95,701 lots.

LME base metal prices ended with gains across the board overnight, boosted by stronger euro and a slew of positive economic data. Report from ADP Employer Services gave investors a dose of confidence and revised annual rate of QoQ US production rate of non-farm sector in Q3 was up, while construction spending was also better than expectation. In addition, China’s PMI in November climbed to a 7-month high and manufacturing data in Taiwan was also positive.

SMM believes that LME nickel prices will move between USD 22,500-23,500/mt on November 25th.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  nickel  nickel price