SHANGHAI, Oct. 18 (SMM) – LME nickel prices overnight opened at USD 14,067/mt, with the high end of the price range USD 14,119/mt, and finding support at USD 13,947/mt. Finally, LME nickel prices closed at USD 13,983/mt, down USD 82/mt from the previous trading day. Trading volumes decreased by 432 lots, to 2,591 lots, and total positions increased by 2,499 lots, to 137,856 lots. Inventories grew by 1,548 mt, to 229,812 mt.
After the Republican and Democratic Party reached an agreement on the debt ceiling issue, large numbers of investors sold goods to gain profit as they had been optimistic toward the result.
LME nickel prices opened at USD 14,067/mt, inching down to USD 13,947/mt and finally closing at USD 13,983/mt. Dagong downgraded US’s debt rating from A to A-, and Fitch will also downgrade US rating, which pushed down the US dollar index to 80. US Labor Department announced the number of initial jobless claims for the week ending October 12 decreased by 15,000, to 358,000, much higher than expected, and the data will likely be revised upwardly to 373,000. The sluggish job market mirrored weak economic conditions.
The US dollar index overnight dropped below 80, which is expected to be absorbed by the market. China will release Q3 GDP and value added in scale-efficiency industry in September.
LME nickel prices will hover between USD 13,950-14,100/mt today, and nickel prices in Shanghai will move between RMB 97,000-98,000/mt.