SHANGHAI, July 15 (SMM) -- LME nickel prices opened at USD 19,500/mt and closed at USD 19,300mt on Wednesday, down USD 176/mt from a day earlier, with the highest price at USD 19,825/mt and the lowest price at USD 19,300/mt. Daily trading volumes were 1,947 lots and positions were 89,286 lots. Inventories reduced by 168mt to 119,796mt. LME nickel prices slipped after surging high, as the lower-than-expected data from the US exacerbated wait-and-see sentiment in the market.
June's meeting minutes from the US FED suggested that FED members were relatively pessimistic towards economic outlook. According to data released by the US Department of Labor on Wednesday, the US import prices were down 1.3% from a month earlier, and export prices were down 0.2% from a month earlier, but the previous expectations from analysts were down 0.5% and up 0.1% respectively. According to data from the US Department of Commerce released on Wednesday, the US retail sale in June were down 0.5% from a month earlier, and the prediction from analysts were down 0.2%. Revised retail sales data in May were down 1.1%, and the previous data were down 1.2%. As a key economic index, the newly-released retail sale data casted a show on the US economy recovery. Chinese gross domestic product, inflation and production figures will all be released soon, which will help guide market directions.
It is expected that LME nickel prices will move between USD 19,000-20,000/mt.
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