SHANGHAI, Mar. 3 (SMM) -- LME nickel contract for delivery in three months opened at USD 28,800/mt and closed at USD 28,600/mt, down by USD 175/mt from a day earlier, with the highest price at USD 28,900/mt and the lowest price at USD 28,260/mt. Daily trading volumes were 2,101 lots and positions were 104,236 lots. LME nickel inventories were down by 162 mt to 130,416 mt.
LME base metal prices largely ended with losses on Wednesday, as oil price hike and weak equity market weighed on base metal markets. LME nickel prices largely moved stably during the Asian trading hours, but later slipped sharply to fluctuate below USD 28,600/mt, with prices closing with slight losses.
Crude oil futures prices continued to surge on Wednesday, further weighing on base metal market, because of the International Energy Agency's statement that crude oil output cut in Libya from political unrest shall be higher than expectation.
Base metal price trend is not clear under current situation. Players are suggested to pay attention to the latest development of the Middle East as well as the US unemployment report due on Friday. Weighed by the Middle East tension, base metal prices are experiencing corrections, with prices fluctuating widely recently. Based on current performance, LME nickel prices received relatively strong support at daily moving average, with short-term resistance at USD 29,000/mt, and support at USD 28,000/mt.
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