SHANGHAI, Jul. 10 (SMM) – LME nickel prices overnight opened at USD 13,425/mt, with the high end of the price range USD 13,517/mt, and finding support at USD 13,205/mt. Finally, LME nickel prices closed at USD 13,425/mt, down USD 19/mt from the previous trading day. Trading volumes increased by 666 lots, to 3,179 lots, and total positions increased by 879 lots, to 129,667 lots. Inventories fell by 162 mt, to 193,416 mt.
As China's latest CPI shows inflationary pressure exists, domestic liquidity will unlikely increase, while PPI data was sluggish, with ongoing concerns over weak demand. LME nickel prices were steady during Asian trading hours. But as the IMF lowered global economic growth expectations, and Italy's credit rating was downgraded, the euro weakened, while the US dollar index strengthened to 84.75, pushing down LME nickel prices but finding support at USD 13,205/mt, and finally closing at USD 13,425/mt.
LME nickel prices will fluctuate between USD 13,400-13,600/mt today, and spot nickel prices in Shanghai are expected to move between RMB 94,700-95,700/mt.