SHANGHAI, Jul. 22 (SMM) – LME nickel prices opened at USD 18,600/mt overnight, with the high end of the price range USD 18,894/mt, and finding support at USD 18,465/mt. Finally, LME nickel prices closed at USD 18,872/mt, up USD 209/mt from the previous trading day. Trading volumes decreased by 2,371 lots, to 3,898 lots and total positions decreased by 396 lots to 213,823 lots. LME nickel inventories were down 24 mt to 311,064 mt.
LME nickel prices opened at USD 18,600/mt overnight, and hovered around USD 18,500/mt during Asian trading hours, but fell to as low as USD 18,465/mt during European trading hours. As base metals prices rose during US trading hours, LME nickel prices touched USD 18,894/mt.
US inflation, manufacturing and housing data will be released today. LME nickel prices are expected to move between USD 18,600-18,900/mt today, and spot nickel prices in Shanghai will hover between RMB 128,500-130,000/mt.