SHANGHAI, Jun. 26 (SMM) – LME nickel prices opened at USD 18,199/mt overnight, with the high end of the price range USD 18,640/mt, and finding support at USD 18,082/mt. Finally, LME nickel prices closed at USD 18,610/mt, up USD 430/mt from the previous trading day. Trading volumes increased by 150 lots, to 3,110 lots and total positions increased by 3,950 lots to 221,045 lots. LME nickel inventories were up 474 mt to 305,862 mt.
LME nickel prices opened at USD 18,199/mt, and dipped to USD 18,082/mt before rising. During European trading hours, the US dollar index continued to fall since US Q1 GDP unexpectedly slid, pushing up LME nickel prices to USD 18,610/mt, up 2.37%.
The US dollar index continues to fall, which will bolster base metals prices. LME nickel prices are expected to move between USD 18,550-18,950/mt today, and spot nickel prices in Shanghai will hover between RMB 127,000-129,000/mt.