SHANGHAI, Mar. 1 (SMM) -- LME nickel prices opened at USD 20,400/mt on February 26th, and closed at USD 21,155/mt, up USD 711 compared with the day earlier.
It is expected that nickel prices will continue to climb as market concerns that supply of nonferrous metals will become tight due to the earthquake in Chile. On March, SHFE copper prices hit the daily trading limit soon after opening, and supply shortage will exist in the short term caused by earth quake in Chile. As major copper mines are located at north Chile, so negative impact from the earthquake on copper supply will not be much in the long run. However, the inevitable short term price hikes will also push up nickel prices.
According to news from China Federation of Logistics and Purchasing on March 1st, China's Manufacturing Purchasing Managers Index (PMI) from CFLP was 52.0% in February, down 3.8 percentage points drop compared with that in January, but still above 50%, indicating economy expansion and inspiring metal markets.
Recently, LME nickel prices are more likely to climb. It is expected that LME nickel prices will move in the USD 21,000-22,000/mt range today.
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