SHANGHAI, Oct. 15 (SMM) – LME nickel prices overnight opened at USD 13,831/mt, with the high end of the price range USD 14,095/mt, and finding support at USD 13,815/mt. Finally, LME nickel prices closed at USD 14,020/mt, up USD 113/mt from the previous trading day. Trading volumes increased by 781 lots, to 3,566 lots, and total positions increased by 4,900 lots, to 144,351 lots. Inventories fell by 684 mt, to 228,186 mt.
LME nickel prices opened at USD 13,831/mt, and moved up to a daily high of USD 14,095/mt given better-than-expected CPI and PPI from China, closing the day up USD 113/mt. The market remained cautious as US government had been closed for two weeks and ongoing debt problem.
Spain's government bond sales and Germany's ZEW economic sentiment index will be a focus of markets today, with investors remaining wary due to ongoing US debt issue. LME nickel prices will hover around USD 14,000/mt today, and nickel prices in Shanghai will move between RMB 97,000-98,000/mt.