SHANGHAI, Oct. 28 (SMM) -- LME nickel prices opened at USD 18,750/mt yesterday, with the highest price of USD 19,052/mt and the lowest price of USD 18,438/mt, and closed at USD 18,635/mt.
The US Conference Board released on Tuesday that the US consumer confidence index in October fell to 47.7, which helped support the US dollar index to rise further. The US dollar index hit a daily high of 76.33 yesterday. Although the strengthened US dollar exerted limited downward pressure on base metal prices, the negative impact waned gradually after the US dollar index advanced to 76.
Technically, LME nickel prices will have slight reduction in the near term. LME nickel prices are expected to move in the USD 18,300-19,000/mt range today, with greater pressure remaining at USD 19,000/mt.
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