SHANGHAI, Jun. 28 (SMM) -- LME nickel prices opened at USD 19,500/mt and closed at USD 20,022/mt last Friday, up USD 422/mt from a day earlier, with the highest price at USD 20,025/mt and the lowest price at USD 19,300/mt. Daily trading volumes were 1,381 lots and positions were 87,571 lots.
LME base metal prices rebounded before closing last Friday due to increased short position buying. According to economic data from the US last Friday, the University of Michigan Consumer Confidence Index (CCI) in June rose to 76 from 73.6 in May. The figure was above the median forecast of 75.5 among economists polled by Reuters. Current economic conditions was at 85.6, its highest since January 2008, and also above the 82.9 reading in early June. This compared with 81.0 in May and economist expectations of 82.9. The US GDP in the first quarter was up 2.7% QoQ, and the previous estimation was 3.0%. The concern cover debt crisis in the EU still lingered in the market, and market sentiment was still weak. Close attention should be paid to G20 this week.
It is expected that LME nickel price will continue its fluctuation trend, and will move between USD 19,000-20,100/mt on June 28th.
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