SHANGHAI, Aug. 15 (SMM) – LME nickel prices opened at USD 18,572/mt overnight, with the high end of the price range USD 18,710/mt, and finding support at USD 18,500/mt. Finally, LME nickel prices closed at USD 18,600/mt, down USD 70/mt from the previous trading day. Trading volumes decreased by 452 to 2,832 lots and total positions increased by 407 to 204,270 lots. LME nickel inventories grew 306 to 320,754 mt.
LME nickel prices opened at USD 18,572/mt yesterday, and touched as high as USD 18,710/mt during Asian trading hours, but falling back with other base metals during European trading hours given the lack of upward momentum. During US trading hours, LME nickel prices found support at USD 18,500/mt, then rebounded slightly.
Given negative macroeconomic news releases, LME nickel prices are expected to hover between USD 18,500-18,800/mt today, and spot nickel prices in Shanghai will hover between RMB 128,500-130,500/mt.