SHANGHAI, Jun. 23 (SMM) -- LME nickel for delivery in three months opened at USD 19,700/mt and closed at USD 19,789/mt on June 22nd, up USD 140/mt from a day earlier, with the highest price at USD 19,990/mt and the lowest price at USD 19,350/mt. Daily trading volumes were 1,950 lots and positions were 88,850 lots. Inventories reduced by 606mt to 128,178mt.
Lower-than-expected existing home sales data from the US in May dragged down the US equity markets, and the European equity market also closed with down. Lacking solid news from the market, long position holders remained cautious. China will end an export rebate tax on a variety of commodities, the Ministry of Finance said in a statement Tuesday. The products include some kinds of steel, nonferrous metals. Regulation on copper processing products was intensive, and China's demand for copper may lower with diminished exporting volumes.
Affected by the news of RMB exchange rate reform and tax rebate elimination, prices are expected to continue fluctuating narrowly between USD 19,300-20,000/mt.
It is expected that LME nickel prices will move in the USD 19,500-20,500/mt range on June 17th.
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