SHANGHAI, Oct.15 (SMM) -- LME nickel for delivery in three months opened at USD 17,665/mt and closed at USD 17,162/mt last Friday, down USD 503/mt from a day earlier, with the intraday high at USD 17,745 mt and the lowest price at USD 17,087/mt. Daily trading volumes were 5,343 lots, up 1,839 lots. Positions were 116,071 lots, up 2,053 lots. LME nickel inventories were 124,608 mt, up 240 mt.

LME nickel prices fell along with China’s stock markets after advancing slightly during the morning trading hours during last Friday’s Asian trading hours. During the US and Europe trading hours, LME nickel prices rose on improved consumer confidence index from the US, but dived at the tail of the trading. Finally, LME nickel prices closed at USD 17,162/mt, down USD 503/mt from a day earlier.

LME base metal prices largely closed with losses overnight, with LME lead and zinc falling most noticeably. The Standard & Poor’s cut the Spanish credit rating, renewing concern over the European debt crisis. Last week, the IMF cut forecast of global economy and the World Bank warned risks of global economic slowdown. The US jobless claim hit news lows since February 16th, 2008, and the US PPI for September was higher than market expectation, which fueled expectation over possible change of monetary policy.

LME nickel prices may find another support at USD 17,000/mt. Close attentions should be paid to China CPI and PPI, which will be released on Monday and shall affect base metal movements. Market sentiment is relatively cautious. SMM expects LME nickel prices will move in the USD 16,800-17,300/mt range, and spot nickel will hold between RMB 125,500-128,500/mt on Monday.