SHANGHAI, Jul. 15 (SMM) – LME nickel prices opened at USD 19,450/mt overnight, with the high end of the price range USD 19,520/mt, and finding support at USD 19,162/mt. Finally, LME nickel prices closed at USD 19,373/mt, down USD 5/mt from the previous trading day. Trading volumes decreased by 264 lots, to 2,351 lots and total positions decreased by 2,874 lots to 219,903 lots. LME nickel inventories were up 360 mt to 307,710 mt.
Gold prices plunged overnight, while US stocks rose, but failed to boost LME nickel prices. Euro zone industry output fell short of market expectations, pushing down LME nickel prices to fall to USD 19,162/mt.
The market will remain cautious ahead of Fed Chairwoman Janet Yellen's statement. LME nickel prices are expected to move between USD 19,100-19,400/mt today, and spot nickel prices in Shanghai will hover between RMB 130,000-132,000/mt.