SHANGHAI, Aug. 18 (SMM) -- LME nickel LME nickel for delivery in three months opened at USD 21,600/mt and closed at USD 21,890/mt overnight, up by USD 251/mt from a day earlier, with the highest price at USD 21,989/mt and the lowest price at USD 21,500/mt. Daily trading volumes were 1,897 lots, down by 504 lots. Positions were 88,421 lots, down by 1,557 lots from a day earlier. LME nickel inventories were down by 24 mt to 103,254 mt.
LME nickel prices were largely on upward track overnight. Although LME nickel prices were weighed at the tail of the Asian trading hours, prices were boosted to hit a high of USD 22,000/mt at the evening trading hours on weaker US dollar and strong performance of US retailers. Finally, LME nickel prices closed at USD 21,890/mt, up by USD 251/mt from a day earlier.
According to data from WBMS, global nickel supply was in slight surplus of 4,100 mt from January to June 2011. Primary nickel output from January to June 2010 was 750,500 mt, up by 52,000 mt YoY.
On Thursday, LME nickel prices opened at USD 21,900/mt. SMM expects LME nickel prices will test resistance between USD 22,000-22,100/mt on Thursday. Boosted by overnight LME nickel price rally, spot nickel prices are expected to move in the RMB 163,800-165,300/mt range on Thursday.