SHANGHAI, Dec. 9 (SMM) -- Economic data announced from Germany on Wednesday boosted market confidence. Industrial output in October from Germany was up by 2.9% compared from a month earlier, and was up by 11.7% from a year earlier, with previous estimation of 0.8% MoM growth, indicating the economy recovery pace in Germany is accelerating. European equity markets largely ended with losses on Wednesday and the US equity market also advanced slightly in response. Global macro economic data released recently was positive, indicating improved demand prospect for base metals. In this context, LME base metal prices largely ended with gains despite of stronger US dollar in Wednesday.
Overnight, LME nickel market opened at USD 24,000/mt and ended at USD 24,170/mt, up by 340/mt or up by 1.43% from a day earlier, with the highest price at USD 24,200/mt and the lowest price at USD 23,435/mt.
SMM believes that LME nickel prices will move between USD 23,500-24,500/mt on December 9th.
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