SHANGHAI, Jun. 24 (SMM) – LME nickel prices opened at USD 18,480/mt overnight, with the high end of the price range USD 18,721/mt, and finding support at USD 18,332/mt. Finally, LME nickel prices closed at USD 18,376/mt, down USD 31/mt from the previous trading day. Trading volumes decreased by 884 lots, to 2,289 lots and total positions decreased by 371 lots to 218,243 lots. LME nickel inventories were down 708 mt to 304,602 mt.
LME nickel prices were initially boosted by upbeat flash HBSC's June PMI for China, but were weighed down later the day due to escalating turmoil in Iraq, despite upbeat US PMI and home sales data.
Richmond's manufacturing index in June, US Conference Board's June CCI will be released today. LME nickel prices are expected to move between USD 18,200-18,600/mt today, and spot nickel prices in Shanghai will hover between RMB 127,000-129,000/mt.