SHANGHAI, Jul. 11 (SMM) – LME nickel prices overnight opened at USD 13,450/mt, with the high end of the price range USD 13,715/mt, and finding support at USD 13,299/mt. Finally, LME nickel prices closed at USD 13,572/mt, up USD 147/mt from the previous trading day. Trading volumes decreased by 184 lots, to 2,995 lots, and total positions increased by 916 lots, to 130,583 lots. Inventories grew by 1,296 mt, to 194,712 mt.
LME nickel prices dropped initially but later rose, closing the day with gains of 1.09%, and outperforming all base metals. LME nickel prices opened at USD 13,450/mt, and dipped to USD 13,300/mt, pushed down by China’s trade data. In the afternoon, the US dollar index fell from 84.6, to 84, boosting LME nickel prices. Federal Reserve Chairman Bernanke stated easing policies are still needed in the foreseeable future, pushing down the US dollar index further to 83.6. LME nickel prices jumped to USD 13,715/mt, and finally closed at USD 13,572/mt.
LME nickel prices will fluctuate between USD 13,600-13,800/mt today, and spot nickel prices in Shanghai are expected to move between RMB 94,500-95,700/mt.