SHANGHAI, Jul. 15 (SMM) – LME nickel prices last Friday opened at USD 13,700/mt, with the high end of the price range USD 13,835/mt, and finding support at USD 13,558/mt. Finally, LME nickel prices closed at USD 13,755/mt, up USD 113/mt from the previous trading day. Trading volumes decreased by 1,147 lots, to 1,992 lots, and total positions decreased by 348 lots, to 194,406 lots. Inventories fell by 348 mt, to 194,406 mt.
LME nickel prices last Friday opened high at USD 13,700/mt, boosted by the US Federal Reserve meeting minutes, fluctuating between USD 13,700-13,850/mt during Asian trading hours, and falling to USD 13,558/mt at the end of trading and finally closing at USD 13,755/mt. As the market focused its attention on Sino-US economic conversation and China's GDP data, both trading volumes and total positions decreased. As Fitch downgraded French rating from AAA, to AA+, the US dollar index rose from 82.734, to 83.1, but then fell to 82.8 at 21 PM Beijing time.
LME nickel prices will fluctuate between USD 13,500-13,800/mt today, and spot nickel prices in Shanghai are expected to move between RMB 96,500-97,700/mt.