SHANGHAI, Feb. 13 (SMM) -- LME nickel LME nickel for delivery in three months opened at USD 21,700/mt and closed at USD 20,800/mt, down by USD 900/mt from a day earlier, with the highest price at USD 21,700/mt and the lowest price at USD 20,640/mt. Daily trading volumes were 3,380 lots, down by 194 lots. Positions were 107,076 lots, up by 1,591 lots.
LME nickel prices slipped during last Friday’s Asian trading hours on drop in China’s import data. During the European trading hours, LME nickel prices were weighed down to hit the lowest at USD 20,640/mt as Euro-zone finance ministers have withheld approval for Greece's latest bailout. LME nickel prices slipped by USD 900/mt and finally closed at USD 20,800/mt. At the weekend, the European Central Bank passed the second round bailout plan for Greece, boosting LME nickel prices to certain extent.
Although LME nickel prices met less resistance to advance further as the European Central Bank finally passed the second round bailout plan for Greece, the credit rating cut of Italy and other countries will restrict LME nickel prices from rebounding. SMM expects that LME nickel prices will move in the USD 20,500-22,500/mt range on Monday, and spot nickel prices will move in the RMB 138,000-145,000/mt on Monday.