SHANGHAI, Oct. 17 (SMM) – LME nickel prices overnight opened at USD 13,950/mt, with the high end of the price range USD 14,110/mt, and finding support at USD 13,825/mt. Finally, LME nickel prices closed at USD 14,065/mt, up USD 75/mt from the previous trading day. Trading volumes increased by 71 lots, to 3,023 lots, and total positions decreased by 8,818 lots, to 135,357 lots. Inventories fell by 156 mt, to 228,264 mt.
LME nickel prices moved weakly given uncertainty over US debt crisis result, moving to as low as USD 13,825/MT. Due to optimism toward the result of US debt ceiling issue, LME nickel prices began to rise during European and US trading hours. As the Republican and Democratic Party reached an agreement on the debt ceiling issue, LME nickel prices advanced to USD 14,110/mt and closed at USD 14,065/mt.
LME nickel prices will hover between USD 14,000-14,200/mt today, and nickel prices in Shanghai will move between RMB 97,100-98,100/mt.