SHANGHAI, Jun. 10 (SMM) – LME nickel prices opened at USD 18,870/mt overnight, with the high end of the price range USD 19,095/mt, and finding support at USD 18,650/mt. Finally, LME nickel prices closed at USD 18,919/mt, up USD 115/mt from the previous trading day. Trading volumes decreased by 3,246 lots, to 2,366 lots and total positions increased by 41 lots to 232,615 lots. LME nickel inventories were up 720 mt to 284,712 mt.
The PBOC lowered deposit reserve ratio overnight. LME nickel prices opened at USD 18,870/mt, then inched down to find support from USD 18,650/mt. The market was optimistic toward China’s CPI and PPI data to be released today, pushing up LME nickel prices to rise and closing at USD 18,919/mt.
LME nickel prices are expected to move between USD 18,800-19,100/mt today, and spot nickel prices in Shanghai will move between RMB 131,500-134,000/mt.