SHANGHAI, Oct. 25 (SMM) – LME nickel prices overnight opened at USD 14,525/mt, with the high end of the price range USD 14,689/mt, and finding support at USD 14,439/mt. Finally, LME nickel prices closed at USD 14,689/mt, up USD 166/mt from the previous trading day. Trading volumes decreased by 1,802 lots, to 3,967 lots, and total positions increased by 2,237 lots, to 140,171 lots. Inventories grew by 2,448 mt, to 234,084 mt.
LME nickel prices overnight opened at USD 14,525/mt, inching down to an intraday low of RMB 14,439/mt. HSBC’s flash PMI in October was 50.9 was better than September and expectations, causing LME nickel prices to rebound to USD 14,689/mt. But the positive news was immediately absorbed by the market. Nevertheless, LME nickel prices advanced again due to sluggish US dollar index, rising US initial jobless claims last week, and closing the day USD 14,689/mt.
LME nickel prices will move between USD 14,600-14,700/mt today, and nickel prices in Shanghai will move between RMB 99,500-100,500/mt.