[Al] SMM Morning Review - 2009/11/9 Aluminum Market

SHANGHAI, Nov. 9 (SMM) -- LME nickel prices opened at USD 17,837/mt last Friday, with the highest price of USD 18,300/mt and the lowest price of USD 17,274/mt, and closed at USD 17,400/mt, with the trading volume of 2,237 lots.
&nbsp;&nbsp;&nbsp; The US Department of Labor released last Friday that the US non-farm employment in October dropped by 190,000, higher than market forecast of 175,000. The US unemployment rate in October was 10.2%, setting a new high since April 1983. The higher unemployment rate pushed up the US dollar index, and the US dollar index was dampened heavily by short positions and fell from 75.96, helping drive up base metal prices slightly, but LME nickel prices still closed down.
&nbsp;&nbsp;&nbsp; Although the US dollar index will have solid support at 75.5 in the short term, the US dollar will remain weak in the long run, which will help support base metal prices to recover. Technically, LME nickel prices will likely rebound in the near term, and are expected to move in the USD 17,400-18,200/mt range today.
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