SHANGHAI, Oct. 22 (SMM) – LME nickel prices overnight opened at USD 14,193/mt, with the high end of the price range USD 14,500/mt, and finding support at USD 14,183/mt. Finally, LME nickel prices closed at USD 14,450/mt, up USD 240/mt from the previous trading day. Trading volumes increased by 493 lots, to 4,522 lots, and total positions increased by 1,139 lots, to 138,542 lots. Inventories grew by 720 mt, to 230,760 mt.
China's positive economic data lent support to LME nickel prices. Sluggish economy helped erase concerns over QE3 wind-down. LME nickel prices opened at USD 14,193/mt, reaching USD 14,500/mt and finally closing the day up USD 240/mt.
LME nickel prices will hover between USD 14,400-14,500/mt today, and nickel prices in Shanghai will move between RMB 99,000-100,000/mt.