SHANGHAI, Oct. 17 (SMM) – LME nickel prices overnight opened at USD 15,799/mt, and hovered around RMB 15,600/mt during Asian trading hours, then dropped to as low as USD 15,570/mt later on. LME nickel inventories fell 372 to 374,600 mt, the largest decline since July 23. This helped ease market concerns and caused LME nickel prices to rally. However, an improving US job market pushed the US dollar index to hover at high levels, but as a large number of investors left the market after taking profit after 8:00 PM, the US dollar index gains narrowed. LME nickel prices closed the day down 1.13% at USD 15,548/mt. Trading volumes increased 556 to 5,693 lots, and total positions were down 1,374 to 206,900 lots.
LME nickel prices are expected to technically rise today, and spot nickel prices in Shanghai will move between RMB 105,800-107,000/mt.