SHANGHAI, Nov. 19 (SMM) -- LME nickel prices opened at USD 16,912/mt yesterday, with highest and lowest level at USD 17,493/mt and USD 16,834/mt, respectively, and finally prices ended at USD 17,150/mt. Total trading volumes reported 1,926 lots, and positions were 88,602 lots.
The US Department of Commerce announced Wednesday that the annual rate of housing starts in October in the US fell by 10.6% to 529,000 units, lower than previous forecast of 600,000 units, hitting a 6-month low. The US Mortgage Bankers Association (MBA) released that the US mortgage applications dropped last week, and the demand for housing loan fell to 12-year low. Base metal prices fell due to investor concerns over demand for base metals, but the US dollar index fell to 75, helping limit any downward trend for base metal prices.
LME nickel prices reported limited increases recently supported by significant growth in other base metals prices, but the weak nickel market fundamentals will remain unchanged in the short term, and LME nickel prices are expected to fluctuate in the USD 16,900-17,500/mt range today.
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