SHANGHAI, Aug. 15 (SMM) -- LME nickel LME nickel for delivery in three months opened at USD 21,700/mt and closed at USD 21,503/mt overnight, down by USD 78/mt from a day earlier, with the highest price at USD 21,940/mt and the lowest price at USD 21,320/mt. Daily trading volumes were 2,531 lots, down by 642 lots. Positions were 90,972 lots, down by 732 lots from a day earlier. LME nickel inventories were up by 90 mt to 103,590 mt.
Last Friday, LME nickel prices were weighed to move below USD 22,000/mt and hit a low of USD 21,320/mt, with volatile movement reported. Although the US index was weak, it still failed to boost LME nickel prices. Affected by operation of new capacity, and due to impact from supply surplus, LME nickel prices were relatively weak last Friday. Market sentiment is still haunted by concern over the spread of European debt crisis and the US credit rating cut.
LME nickel prices opened at USD 21,600/mt on Monday. SMM expects that LME nickel prices will remain fluctuation trend without solid macro economic news and will meet resistance at USD 22,000/mt on Monday. Shanghai nickel spot prices will not change much compared to last Friday’s level, and will move in the RMB 164,500-165,500/mt range on Monday.