SHANGHAI, Jun. 3 (SMM) – LME nickel prices opened at USD 19,299/mt overnight, with the high end of the price range USD 19,575/mt, and finding support at USD 19,203/mt. Finally, LME nickel prices closed at USD 19,440/mt, up USD 140/mt from the previous trading day. Trading volumes decreased by 660 lots, to 3,096 lots and total positions decreased by 1,794 lots to 237,929 lots. LME nickel inventories were down 324 mt to 284,112 mt.
LME nickel prices fluctuated in a wide range last Friday and yesterday, with trading quiet. China's official PMI in May released last Saturday was 50.8, better than expected, with market sentiment optimistic. LME nickel prices closed at USD 19,440/mt, up USD 140/mt.
LME nickel prices are expected to move between USD 19,000-19,500/mt today, and spot nickel prices in Shanghai will move between RMB 135,000-137,000/mt.