SHANGHAI, Jul. 1 (SMM) – LME nickel prices overnight opened at USD 13,810/mt, with the high end of the price range USD 13,930/mt, and finding support at USD 13,709/mt. Finally, LME nickel prices closed at USD 13,737/mt, down USD 90/mt from the previous trading day. Trading volumes increased by 478 lots, to 3,434 lots, and total positions increased by 1,899 lots, to 126,178 lots. Inventories fell by 156 mt, to 187,488 mt.
The market overnight lacked macroeconomic news, with investors focusing their attention on economic data and US Federal Reserve official statement regarding stimulus policies. Concerns over China's money shortages eased last Friday, and US economic data was mixed. Chicago June PMI fell to 51.6, its largest monthly decline over the past four years, but University of Michigan's final June PMI was revised upward to 84.1, down slightly from a 6-year high. The US dollar index stood firm at 83, refraining most commodity prices to rise slightly. LME base metals prices closed with gains last Friday, but LME nickel prices closed the day down USD 90/mt. LME nickel prices fluctuated above the 5-day moving average, dipping to USD 13,709/mt during European trading hours, and then hovering around USD 13,737/mt, finally closing at USD 13,737/mt.
LME nickel prices opened at USD 13,750/mt, and will hover between USD 13,700-14,100/mt today, and spot nickel prices in Shanghai are expected to move between RMB 96,400-97,400/mt.