SHANGHAI, Feb. 1 (SMM) -- LME nickel LME nickel for delivery in three months opened at USD 21,320/mt and closed at USD 21,499/mt, down by USD 690/mt from a day earlier, with the highest price at USD 21,499/mt and the lowest price at USD 20,630/mt. Daily trading volumes were 3,611 lots, down by 986 lots. Positions were 98,633 lots, down by 158 lots. LME nickel inventories were 94,512 mt, down 264 mt from a day earlier.
Lacking solid news, LME nickel prices did not make great breakthrough during Tuesday's Asian trading hours. However, LME nickel prices slumped to close at USD 20,737/mt, down USD 690/mt from a day earlier during the European trading hours, due to market worries over the European debt auction and ongoing concern over the US and global economy on weak economic data from the US.
SMM expects that LME nickel prices may rebound to certain extent after slumping overnight, and shall move in the RMB 20,500-21,000/mt on Wednesday. As LME nickel prices tumbled overnight, China’s spot nickel prices may fall to RMB 141,000-144,000/mt range on Wednesday.