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[Ni] SMM Morning Review - 2009/8/21 Nickel Market
SHANGHAI, Aug. 21 (SMM) -- Economic data released by Federal Reserve Bank of Philadelphia on Thursday showed that the US manufacturing index in central area along Atlantic in the US in August was 4.2, while this index was minus 7.5, and market players predicted it would be minus 2, ending 10-month corrections. The US Department of Labor announced that the number of new applications for unemployment benefits during last week increased to 576,000 from the revised level of 561,000 during previous week, much worse than analysts forecast of 550,000. The economic data released by the US were mixed. LME nickel prices continued to move downward, but 20-day average line exerted support on nickel prices to some extent. LME nickel prices closed at USD 18,756/mt, down USD 439/mt. LME nickel inventories declined by 282mt to 109,014mt. At present, LME nickel prices will continue to fluctuate around USD 18,000/mt.
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