SHANGHAI, July 19 (SMM) -- LME nickel prices opened at USD 19,375/mt and closed at USD 19,400/mt last Friday, up USD 25/mt from a day earlier, with the highest price at USD 19,545/mt and the lowest price at USD 19,175/mt. Daily trading volumes were 1,519 lots and positions were 88,787 lots. Inventories reduced by 666mt to 120,660mt.
LME nickel for delivery in three months closed lower Friday after being dragged down by falling U.S. stocks and rekindled concerns over the pace of the economic recovery. U.S. markets tumbled Friday after a slew of discouraging corporate earnings and a bleak consumer sentiment report, raising concerns the economy isn't recovering quickly enough to spur corporate growth. According to data, the US CPI has fallen for a third consecutive months in June, and initial consumer confidence index in July fell to 11-month low. According to a survey released by the University of Michigan last Friday, the University of Michigan initial CCI in July was 66.5, far lower than analyst prediction of 74.5, and the final figure in June was 76.0. LME base metal prices continued to fluctuate narrowly and inventories continued to reduce from fundamental support, but ongoing macroeconomic concerns continuing to cap gains.
It is expected that LME nickel prices will move between USD 19,000-20,000/mt on July 19th.
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