SHANGHAI, Oct. 15 (SMM) – LME nickel prices overnight opened lower at USD 16,428/mt, then edged up during Asian trading hours, and extended gains to touch as high as USD 16,629/mt during European trading hours. LME nickel inventories surged 4,746 to 373,100 mt, the largest growth since June 18. This pushed down LME nickel prices to as low as USD 16,225/mt, and closed the day down 0.88% at USD 16,364/mt. Trading volumes increased 1,654 to 3,132 lots, and total positions were up 2,056 to 209,200 lots. LME nickel inventories grew 1,230 to 368,400 mt.
China's September CPI and PPI slated for released today are promising, while US September PPI will also be announced. LME nickel prices are expected to weaken on growing inventories, and spot nickel prices in Shanghai will move between RMB 112,500-113,300/mt.