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SMM Morning Review - 2010/9/2 Nickel Market
SHANGHAI, Sep. 2 (SMM) -- On Wednesday night, LME nickel prices opened at USD 20,775/mt and closed at USD 21,176/mt, up by USD 461/mt from a day earlier. Daily trading volumes were 1,993 lots and positions were 98,128 lots. LME nickel inventories were up by 1,428 mt to 120,090 mt.
LME base metal prices ended with gains on Wednesday due to strong equity market as well was boosted metal demand prospect from higher manufacturing data from the US and China. China’s official PMI in August advanced slightly to 51.7, the first MoM growth in four months, and the data were 51.2 in July. New order index climbed from 50.9 to 53.1, lending strong support for the market. U.S. Institute for Supply Management's August manufacturing purchasing managers' index was 56.3, and the previous estimation was 53.0. Close attention should be paid to non-farm employment data to be released on Friday night.
It is expected that LME nickel prices will remain fluctuate range and move between USD 20,000-21,000/mt on Thursday.
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