Metals News
SMM Morning Review - 2012/5/7 Nickel Market
smm insight
09:56AM
May 7,2012
Source:SMM

SHANGHAI, May 7 (SMM) – LME nickel prices overnight opened at USD 17,365/mt, with the high end USD 17,624/mt, finding support at USD 17,320/mt. Finally, LME nickel prices closed at USD 17,583/mt, up USD 188/mt. Trading volumes decreased by 1,074 lots to 2,799 lots, and total position was 110,564 lots, up 975 lots. LME nickel inventories were 104,280 mt, up 516 mt.

LME nickel prices edged up last Friday due to dip buying; poor US non-farm data dragged down base metals prices, but as US unemployment rate fell, LME nickel prices closed at USD 17,583/mt, up USD 188/mt.

The seasonally adjusted number of US non-farm employment increased by 115,000 in April, the smallest monthly growth since October 2011, compared to the forecast of 170,000. US unemployment rate continued to drop to 8.1%, the lowest since January 2009, compared to 8.2% expected. Non-farm data improved slightly compared to expected, and investors did not think job markets turn around, triggering concerns of US economic recovery. As a result, LME base metal prices fell. On the evening of May 6th, Hollande was appointed French President by a support of 51.24% over Sarkozy.
 

LME nickel prices
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