SHANGHAI, Nov. 18 (SMM) – LME nickel prices overnight opened at USD 13,700/mt, with the high end of the price range USD 13,835/mt, and finding support at USD 13,677/mt. Finally, LME nickel prices closed at USD 13,813/mt, up USD 113/mt from the previous trading day. Trading volumes decreased by 216 lots, to 3,687 lots, and total positions increased by 1,253 lots, to 144,507 lots. Inventories grew by 1,668 mt, to 244,818 mt.
European October inflation rate remained low at 0.7%, US October industry output unexpectedly dropped to -0.1%, lower than the 0.7% in September, and New York Federal Reserve’s manufacturing index contracted for the first time in five month by 2.21, triggering concerns over US manufacturing outlook. As the US dollar index dropped at the end of trading, LME nickel prices closed the day up USD 113/mt.
LME nickel prices will move between USD 13,700-13,800/mt today, and nickel prices in Shanghai will move between RMB 95,800-96,800/mt.