Home / Metal News /  / SMM Nickel Market Morning Review (2013-6-24)
SMM Nickel Market Morning Review (2013-6-24)
Jun 24,2013 10:04CST
price review forecast
Source:SMM
LME nickel prices last Friday opened at USD 13,699/mt, with the high end of the price range USD 14,100/mt, and finding support at USD 13,630/mt.

SHANGHAI, Jun. 24 (SMM) – LME nickel prices last Friday opened at USD 13,699/mt, with the high end of the price range USD 14,100/mt, and finding support at USD 13,630/mt. Finally, LME nickel prices closed at USD 14,086/mt, up USD 383/mt from the previous trading day. Trading volumes decreased by 395 lots, to 3,850 lots, and total positions increased by 2,224 lots, to 120,441 lots. Inventories fell by 102 mt, to 185,412 mt.

The rising US dollar index weighed on base metals prices, but base metals prices rebounded after plunging. Besides, the news that China’s central bank will inject RMB 50 billion to help ease liquidity problem also boosted base metals prices.

LME nickel prices will test support from USD 14,000/mt today, and spot nickel prices in Shanghai are expected to move between RMB 96,500-97,500/mt.
 

LME nickel prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news