SHANGHAI, Mar.8 (SMM) -- LME nickel for delivery in three months opened at USD 18,750/mt overnight, hitting a high at USD 19,097/mt and finding support at USD 18,670/mt. During Wednesday’s Asian trading hours, LME nickel prices largely moved between RMB 18,750-19,000/mt, but advanced all the way to hit a high at USD 19,097/mt after breaking through USD 19,000/mt at 10:00 pm due to positive news on Greek debt issue. Finally, LME nickel prices closed at USD 19,065/mt, up USD 165/mt from a day earlier. Daily trading volumes were 3,012 lots, down 442 lots. Positions were 104,995 lots up 605 lots. LME nickel inventories ere 98,034 mt, down 288 mt.
SMM expects that LME nickel prices will continue to fluctuate before outcome of Greek debt swap vote, and spot nickel prices may remain flat between RMB 134,000-134,300/mt due to support from overnight LME nickel price increase. However, transactions in spot market are expected to remain sluggish as downstream consumers have low purchasing interest and traders are also unwilling to replenish stock.