SHANGHAI, Nov. 6 (SMM) – LME nickel prices overnight opened at USD 14,369/mt, with the high end of the price range USD 14,404/mt, and finding support at USD 14,300/mt. Finally, LME nickel prices closed at USD 14,350/mt, up USD 35/mt from the previous trading day. Trading volumes decreased by 205 lots, to 2,683 lots, and total positions decreased by 953 lots, to 135,609 lots. Inventories grew by 1,374 mt, to 239,958 mt.
LME nickel prices overnight leveled out, opening at USD 14,369/mt then leveling out. The market lacked solid news overnight, and the market was awaiting US October non-farm employment data. US ISM manufacturing index in October was better than September’s and expectations, boosting base metals prices somewhat, with LME nickel prices closing the day up USD 35/mt.
The US dollar index will fluctuate around 80.7. LME nickel prices will move between USD 14,350-14,450/mt today, and nickel prices in Shanghai will move between RMB 97,500-98,500/mt.