SHANGHAI, Jun. 18 (SMM) – LME nickel prices opened at USD 18,700/mt overnight, with the high end of the price range USD 19,224/mt, and finding support at USD 18,574/mt. Finally, LME nickel prices closed at USD 19,224/mt, up USD 490/mt from the previous trading day. Trading volumes increased by 1,924 lots, to 5,800 lots and total positions decreased by 5,143 lots to 229,777 lots. LME nickel inventories were up 60 mt to 286,728 mt.
LME nickel prices opened at USD 18,700/mt. Despite China's sluggish Foreign Direct Investment (FDI) in May, LME nickel prices continued to climb later the day, touching as high as USD 19,224/mt, but meeting resistance at USD 19,250/mt. total positions decreased 5,143 lots as a large number of shorts closed positions. LME nickel prices are likely to strengthen in the near term.
LME nickel prices are expected to move between USD 19,100-19,250/mt today, and spot nickel prices in Shanghai will hover between RMB 132,000-134,000/mt.