SHANGHAI, Jul. 24 (SMM) – LME nickel prices overnight opened at USD 14,128/mt, with the high end of the price range USD 14,185/mt, and finding support at USD 14,035/mt. Finally, LME nickel prices closed at USD 14,130/mt, up USD 5/mt from the previous trading day. Trading volumes decreased by 860 lots, to 2,582 lots, and total positions decreased by 107 lots, to 123,740 lots. Inventories grew by 552 mt, to 200,334 mt.
LME nickel prices fluctuated between USD 14,125-14,185/mt during Asian trading hours, and hovered between USD 14,000-14,125/mt in the afternoon. US home price index and July and Richmond Manufacturing Index fell short of expectations, and euro zone July CCI advanced, which pushed up the euro and weighed down the US dollar index to a new low of 81.926. Base metals prices were thus drove up.
In Shanghai, downstream buyers purchasing was muted as LME nickel prices lacked ability to rise, with transactions mainly made among traders. Jinchuan raised ex-works prices again by RMB 500/mt, to RMB 100,000/mt, but did not boost the market effectively. #1 nickel prices were between RMB 98,800-99,800/mt in the morning. As LME nickel prices fell in the afternoon, Russian nickel prices were between RMB 98,600-98,800/mt, and Jinchuan nickel prices were between RMB 99,600-99,800/mt.
LME nickel prices will fluctuate between USD 13,800-14,100/mt today, and spot nickel prices in Shanghai are expected to move between RMB 98,800-99,800/mt.