SHANGHAI, Jan. 6 (SMM) -- Yesterday, LME nickel prices opened at USD 18,970/mt, with highest and lowest level at USD 19,038/mt and USD 18,605/mt, respectively, and finally prices ended at USD 18,710/mt. Total trading volumes reported 1,603 lots, and positions were 97,951 lots.
The US Department of Commerce announced on Tuesday that the November factory orders rose by 1.1%, higher than the estimate of 0.5%; the housing data released by the National Association of Realtors (NAR) was lower than expected, and the November pending home sales index fell by 16% to 96, much lower than the estimate of 2.0%. The mixed economic data caused the US stocks to fluctuate, but base metals prices remained strong, and the strong long sentiment will continue in the near future supported by expectations of economic recovery and higher investor interest in resource products.
Recently, stainless steel mills raised stainless steel prices continuously upon their expectations of recovery of stainless steel market. SMM predicts LME nickel prices will advance further after fluctuating for a short term, and LME nickel prices will move in the USD 18,600-19,200/mt range today.
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