SHANGHAI, Oct. 28 (SMM) – LME nickel prices overnight opened at USD 14,695/mt, with the high end of the price range USD 14,695/mt, and finding support at USD 14,450/mt. Finally, LME nickel prices closed at USD 14,533/mt, down USD 156/mt from the previous trading day. Trading volumes decreased by 835 lots, to 3,132 lots, and total positions decreased by 1,346 lots, to 138,825 lots. Inventories fell by 1,194 mt, to 235,278 mt.
LME nickel prices last Friday opened at USD 14,695/mt, inching down to an intraday low of RMB 14,450/mt. University of Michigan's October CCI released last Friday was 73.2, falling short of both expectations and September's, with the market taking a pessimistic outlook for US economy and causing expectations that the Fed will maintain QE3 in place this year to grow. LME nickel prices gained back some losses and closed the day down USD 156/mt at USD 14,533/mt.
LME nickel prices will move between USD 14,500-14,600/mt today, and nickel prices in Shanghai will move between RMB 99,000-100,000/mt.