SMM Nickel Market Morning Review (2013-7-22)

SHANGHAI, Jul. 22 (SMM) – LME nickel prices overnight opened at USD 13,989/mt, with the high end of the price range USD 14,219/mt, and finding support at USD 13,905/mt. Finally, LME nickel prices closed at USD 14,180/mt, up USD 154/mt from the previous trading day. Trading volumes increased by 850 lots, to 3,430 lots, and total positions increased by 767 lots, to 123,753 lots. Inventories fell by 108 mt, to 196,062 mt.

LME nickel prices last Friday outperformed other base metals, moving between RMB 13,900-14,100/mt during Asian trading hours. Boosted by the G20 meeting, the euro gained ground, with LME nickel prices touching USD 14,219/mt, and finally closing at USD 14,180/mt.

LME nickel prices will fluctuate between USD 13,900-14,300/mt today, and spot nickel prices in Shanghai are expected to move between RMB 98,200-99,300/mt.