SHANGHAI, Aug. 22 (SMM) – LME nickel prices opened at USD 18,873/mt overnight, with the high end of the price range USD 18,973/mt, and finding support at USD 18,755/mt. Finally, LME nickel prices closed at USD 18,876/mt, down USD 59/mt from the previous trading day. Trading volumes decreased by 2,176 to 3,498 lots and total positions increased by 922 to 199,224 lots. LME nickel inventories fell 126 to 324,714 mt.
LME nickel prices have stood above all moving averages, but still meet resistance at USD 19,000/mt. LME nickel prices opened at USD 18,873/mt, with transactions quiet during Asian trading hours. HSBC’s flash August PMI for China was 50.3%, far below July’s final 51.7% and 51.5% expected. LME nickel prices thus dipped during European trading hours, but finding support at USD 18,755/mt, closing the day down 0.31%.
LME nickel prices are expected to hover between USD 18,700-19,050/mt today, and spot nickel prices in Shanghai will hover between RMB 129,800-131,000/mt.