SHANGHAI, Jun.24 (SMM) – Major economic indicators released yesterday pointed to recoveries worldwide. HSBC’s June PMI for China hit a three-month high, and eurozone June PMI also hit a four-year high. US home sales in May reached a record high, all boosting base metal prices.
LME nickel prices opened at USD 12,490/mt Tuesday, then rose to USD 12,655/mt, but inched down and fluctuated widely. During European and US trading session, LME nickel prices rebounded and touched as high as USD 12,905/mt, and closed at USD 12,850/mt, up 3.01%. Trading volumes increased 2,652 lots to 6,571 lots, and total positions fell 295 to 225,774. LME nickel inventories were down 2,748 mt to 458,688 mt.
LME nickel prices are expected to rebound further today. SHFE 1509 nickel contract prices rose RMB 1,230/mt overnight, and will rise to RMB 96,000-97,000/mt. Spot nickel prices in Shanghai will climb to RMB 94,500-96,500/mt today.