SHANGHAI, Aug. 16 (SMM)—LME nickel market overnight opened at USD 21,600/mt, with the highest and lowest level of USD 21,850/mt and USD 21,276/mt, respectively. Finally, LME nickel market closed at USD 21,460/mt, down USD 43/mt from a day earlier. Trading volumes were 2,368 lots, down by 163 lots. Positions were 91,185 lots, up by 213 lots. Inventories were 103,272 mt, down by 318 mt.
LME nickel market edged up during Asian trading hours, reaching as high as USD 21,850/mt, but fell briefly to USD 21,300/mt during European trading hours. Supported by rising US equities, LME nickel market rallied to USD 21,700/mt. At the tail of trading, LME nickel prices, however, drifted lower again, and finally closed at USD 21,460/mt, down USD 43/mt.
According to the data, Japan’s GDP for 2Q contracted by 1.3% at an annualized rate, less than market expectations of a drop of 2.7%. As a result, Nikkei 225 Index finished up by 1.4%.
However, the US economic data remained disappointing, with a third straight drop in New York-area manufacturing activity in August.
With prices opening at 21,500/mt today, LME nickel market is expected to experience fluctuations, with the high and low-end at USD 22,300/mt and USD 21,300/mt. Domestic nickel market will move steadily on Tuesday, with prices expected to between RMB 164,500-165,500/mt.