SHANGHAI, Mar.5 (SMM) -- LME nickel prices opened at USD 19,695/mt and closed at USD 19,598/mt overnight, down USD 92/mt from a day earlier, with the highest price at USD 19,815/mt and the lowest price at USD 19,242/mt. Daily trading volumes were 2,497 lots, down 810 lots. Positions were 105,000 lots, up 4.31 lots.
Last weekend’s economic news from the euro zone was not positive. In addition, the Greek debt crisis still needs further efforts. Moreover, the Germany's January retail sales were far lower than market expectation, weighing on market sentient. Besides, the US dollar versus other major currencies also rallied. Coupled with sluggish economic data from Japan, and supply surplus from China, SMM expects that base metal prices may experience correction after a low open on Monday.
Affected by negative macro-economic news, it is expected that LME nickel prices will slip after a low open, and will meet strong resistance to advance further at USD 20,000/mt. SMM expects that LME nickel prices will move in the USD 19,500-20,000/mt range, and spot nickel prices will move in the RMB 138,000-139,000/mt range on Monday.