SHANGHAI, Jun. 25 (SMM) – LME nickel prices opened at USD 18,355/mt overnight, with the high end of the price range USD 18,424/mt, and finding support at USD 18,096/mt. Finally, LME nickel prices closed at USD 18,180/mt, down USD 196/mt from the previous trading day. Trading volumes increased by 671 lots, to 2,960 lots and total positions decreased by 1,148 lots to 217,095 lots. LME nickel inventories were up 786 mt to 305,388 mt.
LME nickel prices opened at USD 18,355/mt during Asian trading hours, and touched as high as USD 18,418/mt. During European trading hours, LME nickel prices fell and found support at USD 18,245/mt. Due to disappointing US manufacturing data, CCI and home sales, LME nickel prices lacked ability to gain back losses.
US May durable goods orders and Q1 GDP will be released today. LME nickel prices are expected to move between USD 18,000-18,350/mt today, and spot nickel prices in Shanghai will hover between RMB 124,000-126,000/mt.