SHANGHAI, Jun. 11 (SMM) – LME nickel prices opened at USD 18,955/mt overnight, with the high end of the price range USD 18,955/mt, and finding support at USD 18,550/mt. Finally, LME nickel prices closed at USD 18,700/mt, down USD 219/mt from the previous trading day. Trading volumes increased by 1,551 lots, to 3,917 lots and total positions decreased by 3,200 lots to 229,415 lots. LME nickel inventories were up 1,914 mt to 286,626 mt.
China's May CPI and PPI released overnight was positive, but LME nickel prices remained sluggish. China's May CPI rose 2.5%, higher than the 1.8% growth in April, while PPI was -1.4%. LME nickel inventories grew 1,914 mt to hit a record high of 286,626 mt.
Market speculations that the US Federal Reserve will raise interest rates grew, with the US dollar index strengthening. LME nickel prices are expected to move between USD 18,600-18,850/mt today, and spot nickel prices in Shanghai will move between RMB 130,500-133,000/mt.