SHANGHAI, Sep. 28 (SMM) -- LME nickel prices opened at USD 23,005/mt and closed at USD 23,120/mt, up by USD 120/mt from a day earlier, reaching the highest at USD 23,184/mt and touching the lowest at USD 22,846/mt. Daily trading volumes were 1,063 lots and positions were 97,526 lots. LME nickel inventories were up by 438 mt to 121,032 mt.
Most LME base metals slipped on Monday, but LME nickel and tin advanced. Trading sentiment was lackluster in China, Equities markets were retreating in Europe and crude oil in New York was falling, putting downward pressure on base metals prices.
Supported by bullish demand outlook in Q4, prices still have room to advance further after experiencing slight corrections. Affected by the impact of upcoming National Day holiday, trading volumes and prices will be lackluster due to fewer participants from China.
It is expected that LME nickel prices will continue fluctuate between current 22,700-23,300/mt price band.
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