SHANGHAI, Jun. 20 (SMM) – LME nickel prices opened at USD 18,600/mt overnight, with the high end of the price range USD 18,700/mt, and finding support at USD 18,290/mt. Finally, LME nickel prices closed at USD 18,571/mt, down USD 36/mt from the previous trading day. Trading volumes decreased by 1,391 lots, to 3,934 lots and total positions decreased by 1,640 lots to 218,292 lots. LME nickel inventories were down 618 mt to 305,352 mt.
Chinese Premier Li Keqiang reiterated that China's 7.5% GDP growth target is rational, helping ease market concerns over a downturn in China's economy and boosting base metals prices. Besides, the number of US initial jobless claims last week slid further, with the job market improving further. US Conference Board's CCI in May increased.
Today the market will lack solid macroeconomic news. LME nickel prices did not grow further after delivery, and total positions decrease also slowed. LME nickel prices are expected to move between USD 18,300-18,700/mt today, and spot nickel prices in Shanghai will hover between RMB 126,000-128,000/mt.