SHANGHAI, Aug. 28 (SMM) – LME nickel prices opened at USD 18,910/mt overnight, with the high end of the price range USD 18,975/mt, and finding support at USD 18,680/mt. Finally, LME nickel prices closed at USD 18,866/mt, down USD 74/mt from the previous trading day. Trading volumes increased by 363 to 3,809 lots and total positions decreased by 1,075 to 201,418 lots. LME nickel inventories grew 246 to 326,466 mt.
LME nickel prices fluctuated in a USD 100/mt range during Asian trading hours. China's investors remained cautious now that prices lack support from demand. Transactions improved during European trading hours. Germany's GFK CCI fell short of market expectations, pushing down LME nickel prices to USD 18,680/mt, but rallied to USD 18,866/mt at the end of trading.
Value added at China's large enterprises, as well as US Q2 GDP are scheduled for release today. LME nickel prices will move between USD 18,800/mt, and spot nickel prices in Shanghai will hover between RMB 129,800-131,000/mt.