SHANGHAI, Jul. 17 (SMM) – LME nickel prices overnight opened at USD 13,500/mt, with the high end of the price range USD 13,782/mt, and finding support at USD 13,485/mt. Finally, LME nickel prices closed at USD 13,762/mt, up USD 222/mt from the previous trading day. Trading volumes decreased by 226 lots, to 2,866 lots, and total positions decreased by 354 lots, to 127,492 lots. Inventories fell by 234 mt, to 196,074 mt.
LME nickel prices overnight moved between RMB 13,490-13,550/mt, hitting as low as RMB 13,485/mt. optimistic US industry output boosted LME nickel prices. The US dollar index plummeted to 82.5, sending LME nickel prices to USD 13,782/mt, and finally closing at USD 13,762/mt, above the 20-day moving average. The market was cautious prior to Ben Bernanke's statement today. Both trading volumes and total positions decreased.
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 96,200-97,200/mt.