SHANGHAI, Jul. 19 (SMM) – LME nickel prices overnight opened at USD 13,980/mt, with the high end of the price range USD 14,040/mt, and finding support at USD 13,825/mt. Finally, LME nickel prices closed at USD 14,026/mt, up USD 68/mt from the previous trading day. Trading volumes decreased by 2,604 lots, to 2,581 lots, and total positions decreased by 1,779 lots, to 122,986 lots. Inventories grew by 396 mt, to 196,170 mt.
LME nickel prices overnight moved between RMB 13,800-14,000/mt, closing above the 3-day moving average. LME base metals prices overnight closed with slight gains across the board, although the US dollar index continued to rise, closing up 0.11, at 82.8, US initial jobless claims and Federal Reserve Bank of Philadelphia’s manufacturing index were both upbeat, boosting US dollar index to close with gains, with Standard & Poor’s 500 Index and the Dow Jones Industrial Average hitting record highs. LME nickel prices finally closed at USD 14,026/mt, up 0.49%.
LME nickel prices will fluctuate between USD 13,700-14,000/mt today, and spot nickel prices in Shanghai are expected to move between RMB 96,900-98,000/mt.