SHANGHAI, Feb. 15 (SMM) -- LME nickel LME nickel for delivery in three months opened at USD 20,660/mt and closed at USD 20,109/mt, down by USD 524/mt from a day earlier, with the highest price at USD 20,780/mt and the lowest price at USD 20,056/mt. Daily trading volumes were 3,585 lots, up by 520 lots. Positions were 108,488 lots, down by 450 lots. LME nickel inventories were 94,320 mt, down 60 mt from a day earlier.
Affected by the negative news that Moody’s cut credit rating of several European countries, LME nickel prices fluctuated lower after a low open during Tuesday’s Asian trading hours, but received certain support at 30-day moving average. During the European and the US trading hours, no positive news came from the euro zone and Greece faced many difficulties in receiving bailout fund. In response, LME nickel prices fell below 30-day moving average, and finally closed at USD 20,109/mt.
Although LME nickel prices were weighed by negative news from the euro zone, RSI suggested overselling in LME nickel market. Technically speaking, LME nickel prices receive strong support at USD 20,000/mt and are unlikely to slip sharply in the short term. SMM expects that LME nickel prices will move in the RMB 19,000-24,000/mt rang, and spot nickel prices will fluctuate in the RMB 140,000-143,500/mt on Wednesday.