SHANGHAI, Sep. 25 (SMM) -- On Friday, LME nickel prices opened at USD 22,500mt and closed at USD 23,000/mt, up by USD 270/mt from a day earlier, with the highest price at USD 23,101/mt ant the lowest price at USD 22,500/mt. Daily trading volumes were 1,142 lots and positions were 96,615 lots. LME nickel inventories were up by 534 mt to 120,594 mt.
LME base metal prices mostly closed with gains on Friday due to a weak US dollar versus the euro and strong equity market. The US durable goods orders in August were down and the new home sales were unchanged, which depressed the US dollar index and consolidated the US Federal Reserve’s view to boost economy by further implementing quantitative loose monetary policy. The weak US dollar index supported performance of metal prices. In addition, equity market performance was relatively strong, boosted by improved business confidence in German. Moreover, market expectations of possible further metal demand prospect from China also provided support for base metal prices.
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