SHANGHAI, Jun. 28 (SMM) – LME nickel prices overnight opened at USD 13,629/mt, with the high end of the price range USD 13,894/mt, and finding support at USD 13,618/mt. Finally, LME nickel prices closed at USD 13,827/mt, up USD 197/mt from the previous trading day. Trading volumes decreased by 1,054 lots, to 2,956 lots, and total positions increased by 2,956 lots, to 124,189 lots. Inventories fell by 312 mt, to 1879,644 mt.
LME nickel prices overnight opened at USD 13,629/mt, and then fluctuated around USD 13,730/mt. concerns over China’s money shortfalls eased, causing Chinese stocks markets to improve. US initial jobless claims last week decreased, and consumer spending in May rebounded, pushing up European and US stocks markets. Besides, profits at China’s scale-efficiency industrial enterprises in May topped the previous month, and Germany’s unemployment rate fell slightly. In this context, LME nickel prices rebounded and closed the day with gains of 1.45%.
LME nickel prices will hover between USD 13,600-13,900/mt today, and spot nickel prices in Shanghai are expected to move between RMB 96,500-98,000/mt.