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SMM Morning Review - 2010/12/6 Nickel Market
SHANGHAI, Dec. 6 (SMM) -- According to data released last Friday, the US non-farm payroll in November unexpectedly slipped significantly, leading to a weaker US dollar against the euro. Following Ireland, Belgium and Italy came under spotlight, with yields of treasury bond spread between the two countries and Germany setting as new high in a decade. The US payroll data and the European debt crisis both weighed on base metal prices.
LME nickel market opened at USD 23,850/mt last Friday and closed at USD 23,640/mt last Friday nigth, down by USD 110/mt or down by 0.46% from a day earlier, with the highest price at USD 23,850/mt and the lowest price at USD 23,400/mt. Daily trading volumes were 1,002 lots and positions were 95,797 lots.
SMM expects that LME nickel prices will move between USD 22,500-23,500/mt on December 6th.
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