SHANGHAI, Jun. 30 (SMM) -- LME nickel for delivery in three months opened at USD 20,300/mt and closed at USD 19,210mt on June 29th, down USD 1,207/mt from a day earlier, with the highest price at USD 20,350/mt and the lowest price at USD 19,050/mt. Daily trading volumes were 2,452 lots and positions were 87,507 lots.
LME base metal prices slumped sharply across the board yesterday and LME nickel prices slipped by 5.9% due to weak economic data from the US, financing problems of European banks as well as concern over China's economic growth. The U.S. Conference Board released on Tuesday that the US June consumer confidence index was 52.9 and the previous estimations was 62.8. The revised May consumer confidence index was 62.7, and the previous index was 63.3. China's A share market experienced a sharp slump, triggered by the fact the China Agriculture Bank is to issue a large amount of IPO in A and H share markets. Moreover, many European banks shall have to pay back EUR 440 billion of one-year credit to the European Central Bank, and market was concerned over debt solvency ability of these banks. All these factors triggered significant advance of the US dollar, weighing heavily on base metal prices as a result. Close attention should be paid to other economic data to be released this week.
It is expected that LME nickel prices will continued to be weighed, and will move in the USD 19,000-20,000/mt on June 30th.
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