SHANGHAI, Jun. 18 (SMM) – LME nickel prices last Friday opened at USD 16,750/mt, with the high end USD 16,900/mt, finding support at USD 16,590/mt. Finally, LME nickel prices closed at USD 16,850/mt, up USD 110/mt. Trading volumes decreased by 185 lots to 2,548 lots, and total position was 114,267 lots, down 549 lots. LME nickel inventories were 103,560 mt, down 372 mt.
LME nickel prices fluctuated narrowly last Friday as the market was cautious. News was reported from the G20 meeting that global major central banks will get ready to inject liquidity jointly post Greece's general election to cope with any possible turmoil in the market. Besides, leaders of G7 will also hold an emergent meeting, with presidents of central banks attending by telephone. As a result, Finally, LME nickel prices closed higher at USD 16,850/mt, down USD 110/mt.
The result of Greece's general election was that the Democratic Party won by a support of 31.1%, and is able to found a coalition government with other parties which are in favor of the bailout plan and won the majority of votes. Greece's turmoil eased as the party which supports the international bailout plan and credit tightening policies won the election so that it can found a coalition government, causing concerns that Greece will exit the Euro zone to ease. As a result, base metals prices were boosted.
LME nickel prices should move between USD 16,900-17,500/mt today, and domestic spot nickel prices should move between RMB 121,500-126,000/mt.