SHANGHAI, Feb. 7 (SMM) -- LME nickel for delivery in three months opened at USD 21,287/mt and closed at USD 21,600/mt, up by USD 294/mt from a day earlier, with the highest price at USD 21,672/mt and the lowest price at USD 21,025/mt. Daily trading volumes were 2,178 lots, down by 174 lots. Positions were 102,933 lots, up by 1,311 lots. LME nickel inventories were 94,518 mt, down 6 mt from a day earlier.
LME nickel prices experienced correction during Monday’s Asian trading hours after last Friday’s rally. During Monday’s European trading hours, LME nickel prices advanced despite that LME copper, aluminum, lead and zinc prices slipped, which is mainly due to the fact that LME nickel prices are still weighed under daily moving average and still have room to advance further. LME copper, aluminum, lead and zinc prices were under correction pressure and were highly above daily moving average.
Although LME nickel prices advance amid decline trend of other base metals, the stagnant Greek debt talk will exert certain pressure on LME nickel prices. It is expected that LME nickel prices may fall if no progress is reported for Greek debt talk. SMM expects that LME nickel prices will experience certain correction during Asian trading hours, and movement of LME nickel price during the European trading hours shall depend on development of the Greek debt talk. SMM expects that LME nickel prices will move in the USD 21,000-22,000/mt range and spot nickel prices will move in the RMB 143,000-147,000/mt range on Tuesday.