SHANGHAI, Jun. 17 (SMM) – LME nickel prices last Friday opened at USD 14,125/mt, with the high end of the price range USD 14,380/mt, and finding support at USD 14,052/mt. Finally, LME nickel prices closed at USD 14,294/mt, up USD 184/mt from the previous trading day. Trading volumes decreased by 43 lots, to 2,361 lots, and total positions increased by 4,252 lots, to 124,175 lots. Inventories grew 36 mt, to 183,705 mt.
LME nickel prices last Friday opened at USD 14,125/mt, stopping falling after closing with declines for seven consecutive days. US May PPI was 0.5%, topping market expectations of 0.1%, and the annualized PPI was 1.7%, also higher than the 1.4% expected. The high inflation rate pushed up LEM nickel prices to rebound, finally closing at USD 14,294/mt, up USD 184/mt.
LME nickel prices will move between USD 14,100-14,500/mt today, and spot nickel prices in Shanghai are expected to be between RMB 101,000-103,000/mt.