SHANGHAI, Jun. 5 (SMM) – LME nickel prices opened at USD 19,010/mt overnight, with the high end of the price range USD 19,241/mt, and finding support at USD 18,785/mt. Finally, LME nickel prices closed at USD 19,156/mt, up USD 134/mt from the previous trading day. Trading volumes increased by 1,073 lots, to 4,271 lots and total positions increased by 1,968 lots to 234,788 lots. LME nickel inventories were down 234 mt to 283,752 mt.
US ADP's May employment in the private sector was 179,000, lower than expectations, while April's figures were revised from 220,000, to 215,000.
China probe into finance-driven copper imports weighed down base metals prices, and European Central Bank will announce its interest rate decision. LME nickel prices are expected to move between USD 18,700-19,200/mt today, and spot nickel prices in Shanghai will move between RMB 132,000-135,000/mt.