SHANGHAI, Dec. 24 (SMM) -- Overnight, LME nickel market opened at USD 24,200/mt, and closed at USD 23,840/mt, down by USD 360/mt form a day earlier, reaching the highest at USD 24,200/mt and touching the lowest at USD 23,650/mt. Daily trading volumes were 1,636 lots and positions were 100,531 lots. LME nickel inventories continued growing by 1,026 mt to 136,308 mt. Fundamentals of LME nickel were weak, and investors either took profits before the Christmas Eve or chose to enter other base metals.
According to data from the US Department of Commerce, the US consumer spending in November was up by 0.4% MoM, and previous estimation from economists was up by 0.5%. Meanwhile, initial jobless claim was better than estimation from economists, indicating that the US labor market is improving. However, the data failed to boost LME nickel market.
LME nickel market will be closed from 23:00 on December 24 to December 28 (Tuesday). SMM expects that LME nickel prices will move between USD 23,500-24,000/mt on December 24th.
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