SHANGHAI, Oct. 16 (SMM) – LME nickel prices overnight opened at USD 14,006/mt, with the high end of the price range USD 14,119/mt, and finding support at USD 13,915/mt. Finally, LME nickel prices closed at USD 13,990/mt, down USD 30/mt from the previous trading day. Trading volumes decreased by 614 lots, to 2,952 lots, and total positions decreased by 176 lots, to 144,175 lots. Inventories grew by 234 mt, to 228,420 mt.
US Senate and House of Representatives reached an agreement to extend debt ceiling deadline and provide money, and Fitch included US AAA rating in the negative list. 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.