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[Ni] SMM Morning Review - 2009/12/2 Nickel Market
SHANGHAI, Dec. 2 (SMM) -- LME nickel prices opened at USD 16,200/mt yesterday, with highest and lowest level at USD 16,540/mt and USD 16,200/mt, respectively, and finally prices ended at USD 16,350/mt.
China Federation of Logistics and Purchasing released on December 1st that China’s Purchasing Managers Index (PMI) in manufacturing sector in November remained unchanged at 55.2%, and this 18-month high level helped support market expectations of global economic recovery. The Dubai World released the first plan for debt payment, easing market concerns. The National Association of Realtors (NAR) announced on Tuesday that the pending home sales index in October increased by 3.7% to 114.1, stimulating the US stock to grow significantly, and pushing up base metal prices. In this context, gold prices climbed to break through USD 1,200/oz, and LME copper prices set a new high for 2009 and will advance to USD 7,100/mt.
LME nickel prices showed signs of upward movement supported by positive base metal price trends recently, but also received great pressure due to weak market fundamentals. Therefore, SMM predicts LME nickel prices will move in the USD 16,500-16,900/mt range today.
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