SHANGHAI, Oct. 8 (SMM) – LME nickel prices overnight opened at USD 13,940/mt, with the high end of the price range USD 14,071/mt, and finding support at USD 13,818/mt. Finally, LME nickel prices closed at USD 13,898/mt, down USD 51/mt from the previous trading day. Trading volumes decreased by 1,540 lots, to 2,686 lots, and total positions increased by 2,647 lots, to 133,000 lots. Inventories grew by 366 mt, to 227,928 mt.
US government was forced to close during the Chinese National Day holiday, with risk aversion prevailing in the market. LME nickel prices moved within a USD 13,525-14,071/mt range.
LME nickel prices will hover between USD 13,950-14,050/mt today, and nickel prices in Shanghai will move between RMB 97,000-98,000/mt in the last trading day before the holiday.