SHANGHAI, August 25 (SMM) -- On Tuesday, LME nickel prices opened at USD 21,200/mt and closed at USD 20,524/mt, down USD 677/mt from a day earlier. Daily trading volumes were 2,443 lots and positions were 96,912 lots. LME nickel inventories were up by 954 mt to 117,510 mt.
LME nickel prices fell along with other base metal prices as disappointing U.S. housing data triggered a sell-off across commodity and equity markets. The US National Association of Realtors (NAR) released on Tuesday that the U.S. existing home sales in July plunged by 27% to the lowest level since May 1995. The euro advanced versus the US dollar as a response to the release of this data. Close attention should be paid to the US new homes sales and durable goods orders today.
It is expected that LME nickel prices will move between USD 20,500-21,500/mt on Wednesday.
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