SHANGHAI, Jan. 27 (SMM) -- On Tuesday, LME nickel prices opened at USD 18,215/mt and closed at USD 18,020/mt, with the highest level at USD 18,300/mt and the lowest level at USD 17,750/mt. Daily trading volumes were 1,453 lots and positions were 88,274 lots.
Yesterday, it was rumored in the stock market that several commercial banks with higher rate of deposit requirement reserve should freeze the corresponding liquid on Tuesday. In addition, the overall economic climate was affected by credit tightening policy and market players were in panic that the interest rate will be increased in the future. In this context, stock market plunged, depressing SHFE metals prices and also depressing price performance in overseas market. Lower-than-expected economic recovery depressed LME nickel investors' investing enthusiasm. Although LME nickel prices closed above USD 18,000/mt after falling below USD 18,000/mt, long position momentum was very weak. In this context, it still has the possibility that LME nickel prices will fall further.
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