SHANGHAI, Oct. 23 (SMM) – LME nickel prices overnight opened at USD 14,450/mt, with the high end of the price range USD 14,880/mt, and finding support at USD 14,442/mt. Finally, LME nickel prices closed at USD 14,800/mt, up USD 350/mt from the previous trading day. Trading volumes increased by 2,931 lots, to 7,453 lots, and total positions increased by 1,503 lots, to 140,045 lots. Inventories grew by 720 mt, to 231,480 mt.
LME nickel prices overnight opened at USD 14,450/mt, and then rose. The number of US non-farm employment was 148,000, falling far short of expectations, but LME nickel prices soared to USD 14,880/mt, and closing at USD 14,800/mt, up USD 350/mt.
LME nickel prices will meet resistance at USD 15,000/mt today, and nickel prices in Shanghai will move between RMB 101,000-102,000/mt.