SHANGHAI, Jul. 4 (SMM) – LME nickel prices overnight opened at USD 14,018/mt, with the high end of the price range USD 14,022/mt, and finding support at USD 13,854/mt. Finally, LME nickel prices closed at USD 13,866/mt, down USD 134/mt from the previous trading day. Trading volumes decreased by 601 lots, to 2,232 lots, and total positions decreased by 492 lots, to 123,094 lots. Inventories grew by 1,938 mt, to 190,590 mt.
Portugual's Foreign Affairs Minister resigned yesterday, triggering concerns that European debt crisis re-erupted. US June ADP employment in the private sector increased to 188,000, and the number of initial jobless claims last week decreased to 343,000. But enterprise layoffs increased to 8.2% in June.
LME nickel prices will hover between USD 13,800-14,100/mt today, and spot nickel prices in Shanghai are expected to move between RMB 97,500-98,500/mt.