SHANGHAI, Nov. 21 (SMM) – LME nickel prices overnight opened at USD 13,652/mt, with the high end of the price range USD 13,705/mt, and finding support at USD 13,535/mt. Finally, LME nickel prices closed at USD 13,536/mt, down USD 94/mt from the previous trading day. Trading volumes increased by 1,154 lots, to 3,190 lots, and total positions decreased by 2,757 lots, to 138,296 lots. Inventories grew by 2,700 mt, to 247,638 mt.
It was reported European Central Bank will further loosening its monetary policies, lowering deposit interest rate to -0.1%, pushing down the euro and driving the US dollar index to rebound to 81.
LME nickel prices overnight dropped and closed at USD 13,535/mt, down USD 94/mt. Major economic data from the US was mixed, with both home sales and CPI in October falling short of expectations, but retail sales increased. US Federal Reserve officials expressed the likelihood that they will taper off QE3 in December, but the decision will be subject to economic data, despite an unemployment rate of 6.5%.
PMIs from many countries will be released today, which are optimistic. But LME nickel inventories grew by 2,700 mt, with demand remaining sluggish. LME nickel prices will move between USD 13,530-13,650/mt today, and nickel prices in Shanghai will move between RMB 94,200-95,200/mt.