SHANGHAI, Oct. 20 (SMM) – LME nickel prices last Friday opened at USD 15,600/mt, and touched RMB 15,670/mt during Asian trading hours, but dropped during European trading hours. LME nickel inventories grew further 930 to 375,500 mt. In addition, US September housing starts and construction permits were upbeat, pushing the US dollar index up to 85, with the Down Jones Industrial Average up 1.63%. It was reported that Chinese commercial banks will receive RMB 200 billion from the PBOC from standing lending facility. This boosted LME nickel prices to as high as USD 15,889/mt, and closed up 0.95% at USD 15,695/mt. Trading volumes decreased 2,340 to 3,353 lots, and total positions were down 120 to 206,800 lots.
LME nickel prices are expected to hover around USD 15,500/mt today, and spot nickel prices in Shanghai will move between RMB 108,000-109,500/mt.