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[Ni] SMM Morning Review - 2009/11/5 Nickel Market
SHANGHAI, Nov. 5 (SMM) -- LME nickel prices opened at USD 18,128/mt yesterday, with the highest price of USD 18,420/mt and the lowest price of USD 17,885/mt, and closed at USD 18,000/mt, with the trading volume of 1,250 lots today. The wait-and-see attitude dominated investors.
The Fed decided to maintain the federal funds rate unchanged at 0-0.25%, and will remain at low levels in the long term, and the US dollar index fell to 75.70 as a result. According to the report released by the private employment service agency, ADP Employer Services, on Wednesday, the number of employment in private sector in October in the US decreased by 203,000, while the number in September was a 227,000 decline after revision. This data generated market optimistic expectations of the upcoming non-farm employment on Friday. However, base metal prices still lacked upward momentum despite of dropping US dollar index based on base metal price trends last night, and the wait-and-see attitude still dominated investors. In this context, LME aluminum prices are expected to remain high in the short term.
LME nickel prices are expected to continue to fluctuate in the USD 17,900-18,500/mt range today.
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