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[Ni] SMM Morning Review - 2009/9/4 Nickel Market
SHANGHAI, Sept. 4 (SMM) -- The US Institute for Supply Management (ISM) announced on Thursday that the non-manufacturing index in August was 48.4, setting a record high since September 2008, with estimated index at 48.0, while the non-manufacturing business activity index was 51.3, higher than 50 for the first time since September 2008. LME lead prices soared on concerns triggered by the closures of Chinese lead smelters. In addition, the stabilized Chinese stock markets helped push up other base metals prices. LME nickel prices closed at USD 18,199/mt, up USD 288/mt, and LME nickel inventories increased by 504mt to 116,214mt. LME nickel prices will move around USD 18,000/mt in the short term, with particular attention on the upcoming non-farm employment data in the US.
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