SHANGHAI, Aug. 5 (SMM) – LME nickel prices opened at USD 18,350/mt overnight, with the high end of the price range USD 18,590/mt, and finding support at USD 18,335/mt. Finally, LME nickel prices closed at USD 18,569/mt, up USD 147/mt from the previous trading day. Trading volumes decreased by 2,520 to 2,511 lots and total positions decreased by 2,175 to 206,452 lots. LME nickel inventories fell 84 to 317,544 mt.
With strong long momentum in China's stocks markets, LME nickel prices are expected to hover between USD 18,300-18,600/mt today, and spot nickel prices in Shanghai will hover between RMB 129,000-130,500/mt.