[Ni] SMM Morning Review - 2009/9/2 Nickel Market

SHANGHAI, Sept. 2 (SMM) -- The US Institute for Supply Management (ISM) announced on Tuesday that the manufacturing index in August was 52.9, higher than 50 for the first time since January 2008, with estimated index at 50.5. The US Department of Commerce released on Tuesday that the US construction spending in July reduced by 0.2% to USD 958 billion, flat at economists estimated level, while the construction spending in June was revised to a 0.1% growth from a 0.3% growth, partly offsetting the positive impact from upbeat manufacturing index. Negatively affected by plunged US stock markets and strengthened US dollar index, LME nickel prices closed at USD 17,950/mt, down more than 6%, and LME nickel inventories increased by 2,800mt to 116,000mt, setting a record high since April 1995. LME nickel prices will fall further in the short term after slipped below USD 18,300/mt.

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