SHANGHAI, Jul. 18 (SMM) – LME nickel prices overnight opened at USD 13,785/mt, with the high end of the price range USD 14,100/mt, and finding support at USD 13,715/mt. Finally, LME nickel prices closed at USD 13,958/mt, up USD 196/mt from the previous trading day. Trading volumes increased by 2,319 lots, to 5,185 lots, and total positions decreased by 300 lots, to 124,765 lots. Inventories fell by 300 mt, to 195,774 mt.
LME nickel prices overnight were weighed down to RMB 13,700-13,850/mt, but rose later to hit RMB 14,100/mt, and finally closing at USD 13,958/mt. Base metals prices overnight were mixed. US Fed Chairman Ben Bernanke expressed the Fed will likely taper off stimulus policies, with US economic uncertainty remaining. China's economic growth expectations were lowered recently. LME nickel and tin closed with gains, with LME nickel prices rising 1.42% to touch a record high in half a month.
LME nickel prices will fluctuate between USD 13,700-14,100/mt today, and spot nickel prices in Shanghai are expected to move between RMB 97,300-98,400/mt.