SMM Nickel Market Morning Review (2014-10-8)

SHANGHAI, Oct. 8 (SMM) – LME nickel prices dipped to as low as USD 15,869/mt October 1, then rallied to USD 17,000/mt. US non-farm employment data in September were upbeat, and unemployment rate fell from 6.1% to 5.9%. The US dollar index thus surged to 86.8, but slid as a large number of longs retreated from the market. Euro zone economy remains weak. LME nickel inventories grew 8,208 mt during the Chinese National Day holiday, or up 2.3%.

LME nickel prices are expected to meet resistance at USD 17,000/mt today, and spot nickel prices in Shanghai will hover between RMB 114,500-116,000/mt.