SHANGHAI, Jun. 10 (SMM) -- LME nickel LME nickel for delivery in three months opened at USD 18,610/mt and closed at USD 19,070/mt, up by USD 315/mt from a day earlier, with the highest price at USD 19,118/mt and the lowest price at USD 18,500/mt. Daily trading volumes were 3,013 lots, up by 1,332 lots. Positions were 108,441 lots, up by 231 lots from a day earlier. LME nickel inventories were 89,838 mt, flat from a day earlier.
Boosted by significant rebound in China’s equity market, players’ expectation over meeting between Germany and France was optimistic, strongly pushing up LME nickel prices. In this context, LME nickel prices took the lead to advance on Monday, and finally closed above USD 19,000/mt market, up 1.68% from a day earlier.
LME base metal prices were mixed overnight. LME copper, lead and tin fluctuated narrowly during the Asian trading hours, but LME zinc and nickel prices advanced. LME aluminum for delivery in three months rallied on the news of output cut from the ALCOA. The meeting between Germany and France did not come up with any surprise, so market response was also insensitive. Close attention should be paid to the talk between German Chancellor Angela Merkel and German finance minister Wolfgang Schaueble and IMF President Lagarde. Market widely expects that the talk will help improve fiscal integrity in the euro zone. It is expected market sentiment will be cautious before outcome of China’s economic data, including inflation data.
LME nickel prices took the lead to rally overnight and finally closed above USD 19,000/mt mark. It is expected that LME nickel prices lack strong upward momentum and may fall below USD 19,000/mt if no solid news is available. Boosted by LME nickel price surge, spot nickel prices may be adjusted higher, and mainstream traded spot nickel prices will move between RMB 131,000-133,500/mt on Tuesday.