SHANGHAI, Nov. 15 (SMM) – LME nickel prices overnight opened at USD 13,761/mt, with the high end of the price range USD 13,855/mt, and finding support at USD 13,633/mt. Finally, LME nickel prices closed at USD 13,700/mt, down USD 83/mt from the previous trading day. Trading volumes decreased by 393 lots, to 3,903 lots, and total positions increased by 3,137 lots, to 143,254 lots. Inventories grew by 1,554 mt, to 243,150 mt.
European Q3 GDP fell short of both Q2 and market expectations, triggering concerns over Eurozone economic outlook. Yellen expressing support for easing policies kept the US dollar index high at 81. LME nickel prices inched down and then leveled out, closing the day down USD 83/mt.
Eurozone will release its October CPI today, with US October industry output data also announced. LME nickel prices will move between USD 13,700-13,800/mt today, and nickel prices in Shanghai will move between RMB 95,300-96,300/mt.