SHANGHAI, Aug. 29 (SMM) – LME nickel prices opened at USD 18,825/mt overnight, with the high end of the price range USD 18,889/mt, and finding support at USD 18,613/mt. Finally, LME nickel prices closed at USD 18,690/mt, down USD 176/mt from the previous trading day. Trading volumes decreased by 689 to 3,120 lots and total positions decreased by 2,207 to 199,211 lots. LME nickel inventories grew 456 to 326,922 mt.
LME nickel prices opened at USD 18,806/mt, with transactions muted during Asian trading hours. Profit at China’s large enterprises during January and July rose 11.7% YoY, up 0.3 percentage point from January-June. But HSBC’s August PMI released previously weakened, adding to market uncertainties toward China’s economic recovery. When combined with growing Ukraine tensions, LME nickel prices extended losses, falling to USD 18,613/mt.
LME nickel prices will move between USD 18,650-18,900/mt, and spot nickel prices in Shanghai will hover between RMB 129,800-130,800/mt.