SHANGHAI, Oct. 24 (SMM) – LME nickel prices overnight opened at USD 14,825/mt, with the high end of the price range USD 14,846/mt, and finding support at USD 14,506/mt. Finally, LME nickel prices closed at USD 14,523/mt, down USD 277/mt from the previous trading day. Trading volumes decreased by 1,684 lots, to 5,769 lots, and total positions decreased by 2,111 lots, to 137,934 lots. Inventories grew by 156 mt, to 231,636 mt.
It was reported China's central bank will tighten monetary policy slightly to maintain stable inflation rate, as recent economic data showed domestic inflation rate is extremely high, with Q4 GDP growth expected to remain around 7.5%. Risk appetite thus decreased, with base metals prices closing with declines across the board. LME nickel prices overnight opened at USD 14,825/mt, inching down to an intraday low of RMB 14,506/mt, and closing the day down USD 277/mt.
LME nickel prices will move between USD 14,500-14,600/mt today, and nickel prices in Shanghai will move between RMB 100,000-101,000/mt.