SHANGHAI, Jan. 19 (SMM) -- On Monday, LME nickel prices opened at USD 18,550/mt and closed at USD 18,895/mt, with the highest level at USD 18,900/mt and lowest level at USD 18,450/mt. Daily trading volumes were 1,547 lots and positions were 98,940 lots.
Financial market was closed on Monday with no important economic data released because of Martin Luther King Day, and strong wait-and-see attitude dominated the market. Yesterday, US dollar index fell from high levels and currently stood firmly at 77 after experiencing corrections. Recently, LME nickel prices were on good trend as prices of stainless steel were positive in spot market. Technically, both KD and MACD showed upward price trend.
It is expected that LME nickel prices still have room to rise further, but prices will still face strong pressure at USD 20,000/mt. Whether prices can break through USD 20,000/mt or not shall depend on market fundamentals, considering the currently slower movements of speculative funds. It is expected that LME nickel prices will move in the USD 18,400-19,000/mt range today.
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