SHANGHAI, Dec. 3 (CBI China) -- Three-month LME nickel opened at USD 10,100/mt, high USD 10,495/mt, low USD 9,765/mt, closed at USD 9,900/mt, down USD 100/mt. Premium is USD 108/mt, inventory is 63,810mt, up 204mt.
It is mainly affected by industrial data and plagued by crude oil price movements. In the Euro Zone, November PMI is 35.6, the lowest level in eleven years. ISM in U.S. announced the US November manufacturing index is 36.2, the lowest since 1982. The National Bureau of Economic Research said on Monday, the country's economy has entered recession from December 2007.
COMEX crude oil prices (delivered in January 2009) plunged 9.4%, closed at USD 49.28/barrel. The prices in electronic trading were once down to USD 49.05/barrel.
Trading volume of LME nickel decreased evidently compared to previous period. Entering December, capital flight out of commodity market will bring greater pressure on the price trend in near future. Technically, LME nickel is still on the downward track channel, failed to break through yesterday, and will move within USD 9,100-10,500/mt.
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