SHANGHAI, Dec. 10 (SMM) -- Ireland's Labor Party earlier said it would vote against rescue package from the International Monetary Fund and the European Union, raising concerns about Ireland's ability to service and redeem outstanding debt. Meanwhile, Fitch, an international rating agency, downgraded Ireland’s sovereign debt rating, weighing on euro versus the US dollar. It is expected that the US dollar will continue rebounding. China plans to announce a slew of economic data ahead of schedule on Saturday, and it is expected that possibility for interest rake hike is not low, leading a cautious sentiment in the market.
Overnight, LME nickel market opened at USD 24,200/mt and ended at USD 23,572/mt, down by 618/mt or down by 2.56% from a day earlier, with the highest price at USD 24,400/mt and the lowest price at USD 23,500/mt.
SMM believes that LME nickel prices will move between USD 23,000-24,000/mt on December 10th.
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