SHANGHAI, Jun. 30 (SMM) – LME nickel prices opened at USD 18,875/mt overnight, with the high end of the price range USD 19,000/mt, and finding support at USD 18,701/mt. Finally, LME nickel prices closed at USD 18,906/mt, up USD 2/mt from the previous trading day. Trading volumes decreased by 855 lots, to 2,723 lots and total positions decreased by 321 lots to 219,597 lots. LME nickel inventories were up 234 mt to 305,790 mt.
Economic data from the US and Europe was mixed last Friday. University of Michigan’s June CCI rose to 82.5, better than market expectations, but euro ozne June economic climate index slid 0.6.
Euro zone June CPI and US May existing home sales will be released today, and the market will, remain cautious before the release of US non-farm employment data this week. LME nickel prices are expected to move between USD 18,650-19,000/mt today, and spot nickel prices in Shanghai will hover between RMB 128,000-130,000/mt.