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Home / Metal News / SMM Morning Review - 2010/12/3 Nickel Market

SMM Morning Review - 2010/12/3 Nickel Market

Dec 3, 2010 09:40

SHANGHAI, Dec. 3 (SMM) -- According to data released on December 2nd from the US, US pending home sales index in October was up by 10.4% MoM to 89.3, while previous estimation from analysts was down by 0.5%. Home sales data is among a slew of economic data released in this week, and indicated that global economy is recovering. In addition, the European Central Bank bought pubic debt of Portugal and Ireland, supporting euro to advance versus the US dollar.

Overnight, LME nickel market opened at USD 23,550/mt and ended at USD 23,450/mt, up by 61/mt or up by 0.26% from a day earlier, with the highest price at USD 24,000/mt and the lowest price at USD 23,450/mt. Trading volumes were 2,327 lots and positions were 95,351 lots.

SMM believes that LME nickel prices will move between USD 23,000-24,000/mt on December 3rd.

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