SHANGHAI, Oct. 24 (SMM) – LME nickel prices overnight opened at USD 15,328/mt, and rose during Asian trading hours. HSBC’s October PMI for China was 50.4%, up 0.2% from September’s final figure. Production index slid to 50.7, its lowest over the past five years. LME zinc inventories grew 528 to 377,500 mt. Euro zone manufacturing PMI topped market expectations, with LME nickel prices fluctuating around USD 15,200/mt. Trading volumes increased 718 to 3,594 lots, and total positions were down 432 to 209,300 lots. LME nickel inventories fell 126 to 377,000 mt.
LME nickel prices are expected to fluctuate between RMB 15,000-15,300/mt today, and spot nickel prices in Shanghai will move between RMB 102,800-103,500/mt.