SHANGHAI, Mar. 16 (SMM) -- LME nickel contract for delivery in three months opened at USD 25,825/mt and closed at USD 24,865/mt over night, down by USD 1,005/mt from a day earlier, with the highest price at USD 26,000/mt and the lowest price at USD 24,675/mt. Daily trading volumes were 4,255 lots and positions were 109,262 lots. LME nickel inventories were down by 312 mt to 127,674 mt.
LME base metals slumped across the board on Tuesday, and pared certain losses at the tail of the trading from a weaker US dollar. Investors' concern over Japan's nuclear crisis dampened global equity market, weighing on commodity market and dragging down base metals. LME nickel prices fluctuated downward and slipped by 3.88%. Although the US dollar later weakened, LME nickel prices only received limited support.
Value of global equity contracted by USD 1 trillion, and strong upward momentum of cotton and gold also waned. With the sharp decline of commodity and equity, investors turned to invest the US dollar in order to avoid risk.
Market focuses on result of Federal Open Market Committee interest rate meeting to be released tonight. With the deterioration of Japan's nuclear leakage, panic sentiment is spreading. LME nickel prices will receive support at USD 24,000/mt, and may slip to USD 24,000/mt if the nuclear crisis further exacerbates.
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