SHANGHAI, Jun. 3 (SMM) – LME nickel price last Friday opened at USD 14,845/mt, with the high end of the price range USD 14,868/mt, and finding support at USD 14,561/mt. Finally, LME nickel prices closed at USD 14,829/mt, up USD 39/mt from the previous trading day. Trading volumes increased by 1,083 lots, to 3,937 lots, and total positions increased by 778 lots, to 113,587 lots. Inventories fell 696 mt, to 179,796 mt.
LME nickel prices last Friday opened at USD 14,845/mt. Germany's April retail sales figures was 1.8%, topping the 1.1% expected and -2.8% in the previous month. LME nickel prices struggled around USD 14,800/mt. Mixed US data kept nickel prices fluctuating narrowly, finally closing at USD 14,829/mt, up USD 39/mt.
China's PMI in May was 50.8%, up 0.2 percentage point from the previous month, and this might boost market confidence. LME nickel prices will move between USD 14,700-15,000/mt today, and spot nickel prices in Shanghai are expected to be between RMB 104,000-106,000/mt.