SHANGHAI, Mar. 11 (SMM) -- LME nickel for delivery in three months opened at USD 26,110/mt and closed at USD 26,290/mt, down by USD 111/mt from a day earlier, with the highest price at USD 26,290/mt and the lowest price at USD 25,650/mt. Daily trading volumes were 4,124 lots and positions were 111,389 lots. LME nickel inventories were down by 54/mt to 128,604 mt.
Decline of China’s import data triggered concern that demand from China may wane. In addition, crude oil price surge due to massive demonstration from Saudi Arabia cast a show on global economy growth. Coupled with technical sell-offs. LME nickel prices slipped significantly, and fluctuated widely in the USD 25,600-26,200/mt range, and struggled around USD 26,000/mt.
Turmoil in the Saudi Arabia will significantly affect international crude oil price, and economy report also added concern over the European debt crisis. SMM expects that LME nickel prices will target USD 26,500/mt and receive support at USD 25,500/mt on March 11th.