SHANGHAI, Jul. 16 (SMM) – LME nickel prices overnight opened at USD 13,620/mt, with the high end of the price range USD 13,830/mt, and finding support at USD 13,455/mt. Finally, LME nickel prices closed at USD 13,540/mt, down USD 215/mt from the previous trading day. Trading volumes increased by 1,100 lots, to 3,092 lots, and total positions decreased by 2,472 lots, to 127,846 lots. Inventories grew by 1,902 mt, to 196,308 mt.
LME nickel prices overnight were steady, moving between the 10-20 day moving average. A strengthening US dollar index pushed down LME nickel prices to USD 13,500/mt, and finally closing at USD 13,540/mt, down USD 215/mt. China's Q2 GDP was lower than Q1 and US retail sales data was also sluggish, both weighing down market sentiment.
LME nickel prices will fluctuate between USD 13,400-13,700/mt today, and spot nickel prices in Shanghai are expected to move between RMB 96,100-97,200/mt.