SHANGHAI, Jun. 16 (SMM) – LME nickel prices opened at USD 18,150/mt overnight, with the high end of the price range USD 18,325/mt, and finding support at USD 17,825/mt. Finally, LME nickel prices closed at USD 18,080/mt, down USD 7/mt from the previous trading day. Trading volumes decreased by 4,062 lots, to 3,420 lots and total positions increased by 3,902 lots to 235,031 lots. LME nickel inventories were up 228 mt to 286,710 mt.
China's industry output in May was up 8.8%, with the growth up 0.1% YoY.
FOMC policy meeting will be the focus of markets this week. LME nickel prices are expected to test support from USD 18,000/mt today.