SHANGHAI, July 7 (SMM) -- LME nickel prices opened at USD 19,149/mt and closed at USD 19,476mt on Tuesday, up USD 327/mt from a day earlier, with the highest price at USD 19,618/mt and the lowest price at USD 18,985/mt. Daily trading volumes were 1,773 lots and positions were 88,691 lots. Inventories reduced by 276mt to 119,964mt.
Base metal prices weakened during the Asian trading period on a decline of Asian stock markets, but closed with gains during the European trading period on Tuesday, tracking a rally in equities and stronger dollar. The euro hit a two week high, as equity market rebounded robustly from strong performance of the US companies. Meanwhile, smooth sales of Greece treasury bills also helped ease concerns over the European debt crisis eased to certain extend. However, concerns over China's economic recovery continued to cap gains and the thinly traded markets are likely to remain choppy.
It is expected that LME nickel prices will move between USD 19,000-20,000/mt on Wednesday.
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