SHANGHAI, Aug. 12 (SMM) – LME nickel prices opened at USD 18,600/mt overnight, with the high end of the price range USD 18,762/mt, and finding support at USD 18,430/mt. Finally, LME nickel prices closed at USD 18,720/mt, up USD 170/mt from the previous trading day. Trading volumes decreased by 648 to 2,618 lots and total positions decreased by 1,002 to 205,743 lots. LME nickel inventories fell 48 to 318,750 mt.
LME nickel prices opened at USD 18,600/mt yesterday, then fell back to USD 18,430/mt during Asian trading hours, but closing the day up 0.92% at USD 18,720/mt.
The market will lack solid economic news today. LME nickel prices are expected to hover between USD 18,400-18,800/mt today, and spot nickel prices in Shanghai will hover between RMB 128,500-130,000/mt.