SHANGHAI, Feb. 1 (SMM) – The LME nickel market overnight opened at USD 26,600/mt, and closed at USD 27,300/mt, with the highest and lowest level of the day at USD 27,374/mt, and USD 26,600/mt, up USD 600/mt. Trading volumes for the whole day were 2,230 lots, and positions were 95,441 lots. Inventories were 134,040 mt, down 258 mt. Cancelled warrants were 5,778 mt, accounting for 4.31% of the inventories.

Supported by steady base metal demand in China and the US, LME base metal market closed higher across the board. LME nickel prices were on an upward track, and closed higher, boosted by a weak US dollar.

The US Department of Commerce announced on January 31st that the US personal spending for December rose 0.7%, higher than the projected 0.5%, and meanwhile the Chicago PMI data reached 68.8, the highest level since July 1988. The projected level was 65.0. The favorable US economic data boosted market confidence.

On Monday, the euro gained against the US dollar, as markets expect that the European Central Bank will raise interest rates at an earlier time due to rising inflationary pressures. Market players are now waiting for the PMI data from China and the US manufacturing sector due on Tuesday.

LME nickel prices have climbed above USD 27,000/mt, and are expected to keep rising. LME nickel prices will fluctuate at around USD 27,000/mt on Tuesday, to test its support at the mark.

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