SHANGHAI, Mar. 30 (SMM) -- Yesterday, LME nickel prices opened at USD 23,900/mt and closed at USD 23,950/mt, with highest price at USD 24,498/mt and lowest price at USD 23,750/mt. Daily trading volumes were 1,907 lots and positions were 101,479 lots.
According to an economic report released by the US Department of Commerce on March 29th, MoM growth of actual expenditure by consumers, after seasonal adjustment, in February was 0.3%. This figure was positive considering that east costal areas in American were hit by severe snow storm in February, although the figure was down from a month earlier of 0.4%. Market investors' optimistic confidence was gradually established, along with temporarily favorable environment for base metal prices to move up since debt crisis in Greece has solved to certain extend and US dollar index fell around 81.2. However, price movement shall still struggle this year, affected by the impact from inflation expectation as well as from anti-inflation policies. The US dollar index shall still have room to rise in the future, and cautious attitude should still be adopted by market players.
Recently, LME nickel prices received strong momentum to advance from financial support as well as from good fundamentals. It is expected that LME nickel pries will move in the USD 23,600-24,200/mt range today.
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