SHANGHAI, Nov. 27 (SMM) – LME nickel prices overnight opened at USD 13,525/mt, with the high end of the price range USD 13,564/mt, and finding support at USD 13,405/mt. Finally, LME nickel prices closed at USD 13,441/mt, down USD 91/mt from the previous trading day. Trading volumes increased by 704 lots, to 2,519 lots, and total positions decreased by 412 lots, to 142,052 lots. Inventories grew by 648 mt, to 249,660 mt.
With the lack of solid news, LME nickel prices hovered between USD 13,520-13,500/mt. US construction permits data in September and October came in positive, and Richmond's manufacturing index was also upbeat, but US November CCI fell far short of expectations. With market concerns over US consumption, LME nickel prices fell to USD 13,405/mt at the end of trading, and closing at USD 13,440/mt, down USD 91/mt.
US will release the number of initial jobless claims last week and University of Michigan's November CCI. LME nickel prices will move between USD 13,440-13,540/mt today, and nickel prices in Shanghai will move between RMB 93,500-94,500/mt.