SHANGHAI, Feb. 6 (SMM) -- LME nickel prices opened at USD 20,850/mt and closed at USD 21,306/mt overnight, up USD 406/mt, with the highest price at USD 21,455/mt and the lowest price at USD 20,781/mt. Daily trading volumes were 2,352 lots, down 968 lots. Positions were 101,629 lots, up 2,391 lots.
LME nickel prices inched up during Asian trading hours last Friday boosted by strong rallies in domestic stock markets. During Europe and US trading hours, US non-farm payrolls were better than expected and US unemployment rate in January fell to 8.3%, the lowest since February 2009. In response, LME nickel prices climbed further and finally closed at USD 21,306/mt.
SMM predicts LME nickel prices may climb further during Asian trading hours today. During Europe and US trading hours, US dollar index will likely strengthen given a lack of solution to Greek debt crisis, which will weigh down LME nickel prices, and LME nickel prices are expected to fall slightly as a result. In general, SMM expects LME nickel prices to move between USD 20,700-21,700/mt today, while domestic spot nickel prices will rise to hover between RMB 142,500-145,000/mt.