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SMM Morning Review - 2010/12/2 Nickel Market
Dec 2,2010 09:52CST
smm insight

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.


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