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.