SHANGHAI, Jun. 24 (SMM) -- LME nickel for delivery in three months opened at USD 19,649/mt and closed at USD 19,280/mt on June 23rd, down USD 509/mt from a day earlier, with the highest price at USD 19,830/mt and the lowest price at USD 19,131/mt. Daily trading volumes were 1,332 lots and positions were 87,870 lots.
LME base metal prices mostly closed with losses on Wednesday, due to record low new home sale data of the US and the weakening of the euro. The US Department of Commerce announced on Wednesday that the US new home sale data in May were down 32.7 MoM, the lowest in 40 years, with annual rate of 300,000 units, and the previous estimation by analysts was 20.6%. This is mainly attributed to a federal tax credit for home-buyers that ended on April 30, and the slipped figure exacerbated concern over slower economy recovery pace. After the release of such figure, the US strengthened versus the euro, and base metal prices were dampened down. The Federal Reserve admitted that the economic recovery pace is slow, and commited to keep interest rate unchanged at near zero level for a long time.
It is expected that LME nickel prices will continued to move weakly in the USD 19,500-20,000/mt range on June 24th.
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