SMM Nickel Market Morning Review (2014-6-12)

SHANGHAI, Jun. 12 (SMM) – LME nickel prices opened at USD 18,700/mt overnight, with the high end of the price range USD 18,790/mt, and finding support at USD 18,229/mt. Finally, LME nickel prices closed at USD 18,250/mt, down USD 450/mt from the previous trading day. Trading volumes increased by 1,647 lots, to 5,564 lots and total positions increased by 1,157 lots to 230,572 lots. LME nickel inventories were up 126 mt to 286,752 mt.

Negative effects from China's probe into financing fraud at the Port of Qingdao continued to affect copper and nickel prices.

LME nickel prices are expected to move between USD 18,000-18,500/mt today, and spot nickel prices in Shanghai will move between RMB 126,500-129,000/mt.