SHANGHAI, Jul. 28 (SMM) – LME nickel prices opened at USD 19,182/mt overnight, with the high end of the price range USD 19,400/mt, and finding support at USD 19,053/mt. Finally, LME nickel prices closed at USD 19,182/mt, flat with the previous trading day. Trading volumes increased by 435 to 2,966 lots and total positions decreased by 1,350 to 211,683 lots. LME nickel inventories were up 192 to 312,156 mt.
LME nickel prices opened at USD 19,182/mt last Friday, and fell to USD 19,053/mt, but found solid support from USD 19,000/mt. During European morning trading hours, LME nickel prices rose along with other base metals and due to the entry of a large number of longs, touching as high as USD 19,400/mt as of 5:00 pm. Base metals prices dropped back later the day, and LME nickel prices closed on par with last Thursday.
Manufacturing PMIs from China and the US are optimistic. LME nickel prices are expected to reach USD 19,000-19,400/mt today, and spot nickel prices in Shanghai will hover between RMB 130,000-131,500/mt.