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SMM Morning Review - 2010/9/3 Nickel Market
SHANGHAI, Sep. 3 (SMM) -- On Thursday night, LME nickel prices opened at USD 21,200/mt and closed at USD 21,700/mt, up by USD 524/mt from a day earlier, with the highest price at USD 21,772/mt and the lowest price at USD 21,120/mt. Daily trading volumes were 1,825 lots and positions were 97,937 lots. LME nickel inventories were up by 420 mt to 120,510 mt.
The markets benefited from better-than-expected weekly jobless claims figures, which fell 6,000 to 472,000. Economists surveyed by Dow Jones Newswires had predicted filings would decline by 3,000. U.S. factory orders also rose slightly in July, and the National Association of Realtors reported its index for pending home sales increased 5.2% to 79.4 in July. In addition, a strong euro also lent support for base metal prices. Close attention should be paid to the US nonfarm payroll data to be released tonight.
It is expected that LME nickel prices will move between USD 21,000-22,000/mt on Friday.
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