SHANGHAI, Dec. 16 (SMM) -- According to data from the US on Wednesday, the US industrial output in November was up by 0.4% MoM, setting a 4-month high, and core CPI was up 0.1% MoM, the first increase in 7 moths. Moody's Investors Service said it will review Spain's credit rating for a possible downgrade, and Standard and Poor rated Belgium’s debt prospect from "stable” to "negative”. Investors’ concern over European sovereign debt crisis increased. In addition, equity markets were both weak in China and abroad and the US dollar index strengthened on Wednesday. All these factors combined to weigh base metals.
LME nickel prices opened at USD 24,625/mt overnight, and ended at USD 24,550/mt, down by USD 75/mt or 0.30%, with the highest price at USD 24,780/mt and the lowest price 24,100/mt. Daily trading volumes were 2,111 lots and positions were 98,032 lots.
SMM believes that LME nickel prices will move between USD 24,000-25,000/mt on December 16th.
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