SHANGHAI, Oct. 30 (SMM) – LME nickel prices overnight opened at USD 14,567/mt, with the high end of the price range USD 14,650/mt, and finding support at USD 14,531/mt. Finally, LME nickel prices closed at USD 14,570/mt, up USD 18/mt from the previous trading day. Trading volumes decreased by 371 lots, to 1,781 lots, and total positions decreased by 767 lots, to 138,584 lots. Inventories fell by 756 mt, to 234,228 mt.
LME nickel prices last Friday opened at USD 14,567/mt, hovering around the 5-day moving average and closing the day up RMB 18/mt. US retail sales in September dropped by 0.1%, while Conference Board’s CCI in October recorded 71.2, its lowest since April. That pointed to sluggish US economy, with market expectations that the Fed will not announce QE3 wind-down at the policy meeting growing. The rebounding US dollar index weighed on LME nickel prices.
FOMC policy meeting result and US ADP employment data will be released today, and European October economic sentiment index to be released today is optimistic. LME nickel prices will move between USD 14,500-14,650/mt today, and nickel prices in Shanghai will move between RMB 99,300-100,300/mt.