SHANGHAI, Jul. 29 (SMM) – LME nickel prices opened at USD 19,125/mt overnight, with the high end of the price range USD 19,250/mt, and finding support at USD 18,722/mt. Finally, LME nickel prices closed at USD 18,780/mt, down USD 402/mt from the previous trading day. Trading volumes increased by 812 to 3,778 lots and total positions decreased by 2,522 to 209,161 lots. LME nickel inventories were down 354 to 311,802 mt.
LME nickel prices opened at USD 19,125/mt overnight, and rose with lead and zinc prices, touching as high as USD 19,120/mt during European trading hours. Investors are now more interested in lead, zinc and aluminum. At the end of trading, LME nickel prices dropped to as low as USD 18,722/mt and closed at USD 18,780/mt, down 2.10%.
LME nickel prices are expected to reach USD 18,500-19,000/mt today, and spot nickel prices in Shanghai will hover between RMB 128,500-130,000/mt.