SHANGHAI, Oct. 21 (SMM) – LME nickel prices overnight opened at USD 14,025/mt, with the high end of the price range USD 14,250/mt, and finding support at USD 14,000/mt. Finally, LME nickel prices closed at USD 14,210/mt, up USD 227/mt from the previous trading day. Trading volumes increased by 1,438 lots, to 4,029 lots, and total positions decreased by 453 lots, to 137,403 lots. Inventories grew by 228 mt, to 230,040 mt.
China's Q3 GDP released last Friday was 7.8%, better than the 7.5% expected, but the 0.3% failed to inspire the market. LME nickel prices opened at USD 14,025/mt, reaching a monthly high of USD 14,250/mt and finally closing the day up USD 227/mt.
LME nickel prices will hover between USD 14,250-14,150/mt today, and nickel prices in Shanghai will move between RMB 98,100-99,100/mt.