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[Ni] SMM Morning Review - 2009/9/7 Nickel Market
SHANGHAI, Sept. 7 (SMM) -- The US Labor Department announced last Friday that the number of non-farm employment in August fell by 216,000, setting a record low since August 2008, while analysts predicted the number would decline 230,000. The number in July was revised to a decline of 276,000. The unemployment rate in August rose to 9.7%, setting a 26-year high, while the analysts predicts it would rise to 9.5%. The weak employment data in the US weighed on LME nickel prices, so LME nickel prices closed at USD 17,830/mt, down USD 369/mt, while LME nickel inventories increased by 426mt to 116,640mt. Technically, LME nickel prices will continue to fluctuate, and should find support from 60-day average line.
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