SHANGHAI, Jun. 23 (SMM) – LME nickel prices opened at USD 18,554/mt overnight, with the high end of the price range USD 18,765/mt, and finding support at USD 18,267/mt. Finally, LME nickel prices closed at USD 18,407/mt, down USD 164/mt from the previous trading day. Trading volumes decreased by 761 lots, to 3,173 lots and total positions increased by 322 lots to 218,614 lots. LME nickel inventories were down 42 mt to 305,310 mt.
Growing Iraqi turmoil pushed up global oil prices, with the market cautious. Chinese markets continued to absorb positive effects from Premier Li Keqiang's statement.
If HSBC's June PMI for China to be released today returns to 50, the market will get a boost. LME nickel prices are expected to hover at high levels.