SHANGHAI, Aug. 5 (SMM) -- LME nickel prices opened at USD 21,560/mt and closed at USD 21,850mt on Wednesday, up USD 250/mt from a day earlier, with the highest price at USD 21,850/mt and the lowest price at USD 21,498/mt. Daily trading volumes were 1,396 lots and positions were 87,382 lots. Inventories were down by 288mt to 117,870mt.
LME base metal pared early losses on positive US economic data and the rebound US equity market. The US Institute for Supply Management (ISM) released on Wednesday that the US index of non-manufacturing sector, service sector, expanded faster than expected in July, with the index at 53.8 points in June and at 54.3 in July. According to report from ADP, the US private sector payrolls increased by 42,000 MoM. The US equity market was up due to the release of these data.
It is expected that LME nickel prices will remain at high and will fluctuate between USD 21,500-22,000/mt on August 5.
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