[Ni] SMM Morning Review - 2009/9/14 Nickel Market

SHANGHAI, Sept. 14 (SMM) -- According to the data published last Friday, the Reuters / University of Michigan consumer confidence index in September was 70.2, higher than the estimate of 67.3, while this index was 65.7 in August. The US dollar index continued to inch down due to rising consumer confidence index from the US and positive economic data from China, but the weakened US dollar failed to drive up base metal prices, as market players paid more attention to market fundamentals. Last week, China Customs announced that China’s imports of base metals during August dropped, generating investors’ concern over Chinese demand, so LME nickel prices closed at USD 16,764/mt last Friday, down 3.21%, and positions decreased slightly. LME nickel prices will move down to test the support level of USD 16,000/mt in the short term after LME nickel prices slipped below 60-day average line.

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