SHANGHAI, Jan. 26 (SMM) – Markit’s manufacturing PMIs for many European countries released last Friday beat market expectations, boosting market sentiment. Markit’s manufacturing PMI for the US and the country’s December existing home sales will be released today. LME nickel prices opened at USD 14,795/mt, then edged up before falling back to USD 14,505/mt during Asian trading hours. During European trading hours, LME nickel prices inched up on better-than-expected economic indicators from Europe, but returned to the downward track due to rising market fears. With plunging crude oil prices and surging US dollar index, LME nickel prices fell all the way and touched as low as USD 14,215/mt, and closed at USD 14,250/mt, down 3.68%. Trading volumes increased 295 to 5,142 lots, and total positions increased 1,013 to 206,838. LME nickel inventories grew 1,194 to 423,036 mt.

LME nickel prices are expected to fall further today. Spot nickel prices in Shanghai will move between RMB 104,600-105,600/mt.