SHANGHAI, Oct. 14 (SMM) – LME nickel prices overnight opened at USD 13,723/mt, with the high end of the price range USD 13,980/mt, and finding support at USD 13,723/mt. Finally, LME nickel prices closed at USD 13,907/mt, up USD 155/mt from the previous trading day. Trading volumes increased by 444 lots, to 2,785 lots, and total positions increased by 2,016 lots, to 139,451 lots. Inventories fell by 126 mt, to 228,870 mt.
US political gridlock eased alst Friday, with market optimism. LME nickel prices opened at USD 13,723/mt. As Michigan Consumer Confidence Index fell to the lowest this year of 75.2, the US dollar index fell. The exodus of shorts pulled up LME nickel prices to as high as USD 13,980/mt, closing at USD 13,907/mt, up USD 155/mt.
Last weekend, the Republican and Democratic Party failed to reach an agreement on the US ceiling issue, with investors cautious. But the market is optimistic toward China’s PPI and CPI data to be released today. LME nickel prices will hover between USD 13,831-13,950/mt today, and nickel prices in Shanghai will move between RMB 97,000-98,000/mt.