SHANGHAI, Jun. 27 (SMM) – LME nickel prices overnight opened at USD 13,900/mt, with the high end of the price range USD 13,949/mt, and finding support at USD 13,550/mt. Finally, LME nickel prices closed at USD 13,630/mt, down USD 270/mt from the previous trading day. Trading volumes decreased by 149 lots, to 4,010 lots, and total positions increased by 261 lots, to 121,826 lots. Inventories grew by 1,872 mt, to 187,965 mt.

LME nickel prices overnight touched USD 13,949/mt after opening during Asian trading hours, but then fluctuated weakly due to sliding China's stocks, dipping to USD 13,550/mt, and finally closing at USD 13630/mt, down USD 270/mt or 1.94%, leading declines of other base metals. Money shortfalls in China continued to affect the LME nickel market, and US Q1 GDP fell short of expectations, causing speculations that the cut of QE will be contracted, but this failed to boost LME nickel prices.

Inspired by LME nickel prices, both Jinchuan and Russian nickel prices rose by RMB 600/mt, with #1 nickel prices advancing to RMB 96,500-97,500/mt. But as LME nickel prices slid, #1 nickel prices dropped to RMB 96,100-97,100/mt in the afternoon. Downstream buying interest was low.

LME nickel prices will hover between USD 13,500-13,900/mt today, and spot nickel prices in Shanghai are expected to move between RMB 94,500-96,500/mt.