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Print[Ferro-Alloys.com]LME nickel opening price was USD$14,525/mt, which ran between USD$14,439/mt and USD$14,689/mt, closing at USD$14,689/mt with the increasing rate of USD$166/mt. The nickel stock increased 2,448tons to 23,4084tons. Even though the European economic data was not well, the LME nickel price finally went up encouraged by the beneficial PMI data from China and U.S.
Specifically, the China PMI data was 50.9, better than the expectation data and the Sep.’ data. It was predicted that China’s economy was still rebounding and the demand was improving.
But the American economic data was not well, as the PMI data of Oct. decreased to 51.1 from 52.8, M-O-M. More people believed that the Fed would postpone the reduction time of QE.
For Europe, its PMI data was also not sound. Even though it was higher than that of Sep., it was lower than the expectation data. Despite the recovery sign of European economy, the slow pace pressured the LME Price. But affected by the data from China and U.S., the LME nickel price was finally pulled up.
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