SHANGHAI, Mar.2 (SMM) -- LME nickel prices opened at USD 19,690/mt and closed at USD 19,690/mt overnight, up USD 1.15%/mt from a day earlier, with the highest price at USD 19,935/mt and the lowest price at USD 19,362/mt. Daily trading volumes were 3,307 lots, down 1,154lots. Positions were 105,000 lots, up 517 lots.
China’s official PMI for February was 51, which was positive and pushed base metal prices higher overnight.
During Thursday’s spot market, mainstream traded prices of nickel from Jinchuan Group were between RMB 137,800-138,500/mt, and mainstream traded prices of nickel from Russia were between RMB 137,700-138,000/mt during morning trading hours. As LME nickel prices advanced during the afternoon trading hours, traders’ reluctance to move goods grew, resulting in reduced trading volumes.
Moderate manufacture growth in China and coupled with the news that eurozone will provide financial support to Greece through debt swap, SMM expects that LME nickel prices will advance to the USD 19,000-20,000/mt, and spot nickel prices will move around RMB 138,000/mt on Friday.