SHANGHAI, Aug. 18 (SMM) – LME nickel prices opened at USD 18,610/mt overnight, with the high end of the price range USD 18,840/mt, and finding support at USD 18,560/mt. Finally, LME nickel prices closed at USD 18,663/mt, up USD 63/mt from the previous trading day. Trading volumes decreased by 586 to 2,246 lots and total positions increased by 2,741 to 207,011 lots. LME nickel inventories grew 1,974 to 322,728 mt.
LME nickel prices opened at USD 18,610/mt last Friday, and rose with other base metals during Asian trading hours, touching as high as USD 18,840/mt during European trading hours. US CCI data released last Friday was downbeat, but LME nickel prices closed the day up 0.34%.
US NAHB's August home price index slated for release today is expected to level with July's. 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 129,000-131,000/mt.