SHANGHAI, Jun. 18 (SMM) -- LME nickel for delivery in three months opened at USD 19,730/mt and closed at USD 19,636/mt on June 17th, down USD 314/mt from a day earlier, with the highest price at USD 19,950/mt and the lowest price at USD 19,360/mt. Daily trading volumes were 1,888 lots and positions were 89,367 lots.
According to data from the US Philadelphia Federal Reserve, the growth pace of manufacturing activity in the US mid-Atlantic region was the lowest in 10 months, which dampened market confidence. The re-emergence of the US economy uncertainty, along with recent concern over the EU debt crisis, will continue to weigh on base metal markets. LME nickel inventories fell by 600mt to 131,052mt, which is down by more than 20% after a record high of 166,476mt on February 5th. However, summer is the seasonal low consumption period and demand for nickel from stainless steel producers will reduce, with the inventory data failed to lend strong support for nickel prices.
It is expected that LME nickel prices will move in the USD 19,300-20,300/mt range today.
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