SHANGHAI, Aug. 4 (SMM) – LME nickel prices opened at USD 18,570/mt overnight, with the high end of the price range USD 18,695/mt, and finding support at USD 18,306/mt. Finally, LME nickel prices closed at USD 18,422/mt, down USD 88/mt from the previous trading day. Trading volumes increased by 218 to 5,031 lots and total positions decreased by 623 to 208,627 lots. LME nickel inventories grew 1,830 to 317,628 mt.
LME nickel prices last Friday opened at USD 18,570/mt, and rose during Asian trading hours. China's official PMI in July was 51.7%, compared to the 51.4% in June, boosting LME nickel prices to move between USD 18,570-18,695/mt. But LME nickel prices weakened during European trading hours. As US non-farm employment data fell short of market expectations, LME nickel prices fell and closed at USD 18,422/mt.
LME nickel prices are expected to hover between USD 18,000-18,400/mt today, and spot nickel prices in Shanghai will hover between RMB 126,500-128,500/mt.