SHANGHAI, Jul. 14 (SMM) – LME nickel prices opened at USD 19,275/mt overnight, with the high end of the price range USD 19,429/mt, and finding support at USD 19,081/mt. Finally, LME nickel prices closed at USD 19,378/mt, up USD 86/mt from the previous trading day. Trading volumes decreased by 868 lots, to 2,615 lots and total positions decreased by 2,606 lots to 222,777 lots. LME nickel inventories were down 60 mt to 307,350 mt.
Last Friday, the market lacked solid macroeconomic news. Germany's June CPI was 1.0%, flat with market expectations and May's. Financial crisis across Portuguese banking sector did not affect the market significantly.
Euro zone May industry output scheduled for release today is expected to slide. LME nickel prices are expected to move between USD 19,350-19,500/mt today, and spot nickel prices in Shanghai will hover between RMB 131,000-133,000/mt.