SHANGHAI, Jun. 27 (SMM) – LME nickel prices opened at USD 18,560/mt overnight, with the high end of the price range USD 18,915/mt, and finding support at USD 18,510/mt. Finally, LME nickel prices closed at USD 18,904/mt, up USD 294/mt from the previous trading day. Trading volumes increased by 468 lots, to 3,578 lots and total positions decreased by 1,127 lots to 219,918 lots. LME nickel inventories were down 306 mt to 305,556 mt.
LME nickel prices opened at USD 18,560/mt, and fluctuated in a wide range during Asian trading hours, with support from USD 18,510/mt. positive macroeconomic news, combined with falling US dollar index, pushed up LME nickel prices to close at USD 18,904/mt, up 1.58%.
Data from China's scale-efficient industrial enterprises in May, euro zone climate index and University of Michigan's June CCI will be released today. LME nickel prices are expected to move between USD 18,750-19,000/mt today, and spot nickel prices in Shanghai will hover between RMB 128,000-130,000/mt.