SHANGHAI, Jul. 9 (SMM) – LME nickel prices overnight opened at USD 13,320/mt, with the high end of the price range USD 13,475/mt, and finding support at USD 13,300/mt. Finally, LME nickel prices closed at USD 13,444/mt, up USD 134/mt from the previous trading day. Trading volumes decreased by 506 lots, to 2,593 lots, and total positions increased by 2,090 lots, to 128,788 lots. Inventories fell by 198 mt, to 193,578 mt.
Positive US economic data overnight supported US stocks, with the US dollar index fluctuating around 84.5. LME nickel prices rebounded and closed at USD 13,444/mt, up USD 134/mt.
LME nickel prices will hover between USD 13,300-13,500/mt today, and spot nickel prices in Shanghai are expected to move between RMB 94,800-95,900/mt.