SHANGHAI, Mar.12 (SMM) -- LME nickel prices fluctuated weakly after opening at USD 18,775/mt during last Friday’s Asian trading hours, but rallied to hit a high at USD 19,255/mt during the evening trading hours. Finally, LME nickel prices closed at USD 19,255/mt, up 2.56% from a day earlier. Daily trading volumes were 2,803 lots, down 2 lots. Positions were 104,000 lots, down 842 lots. LME nickel inventories were down 780 mt to 97,146 mt.
The successful Greek debt swap, anticipation of China’s looser monetary policy on lower-than-expected CPI growth and better-than-expected non-farm employment data from the US indicated economic recovery in a wider range, which boosted risk appetite. In response, base metal prices rallied.
LME base metal prices closed with gains across the board, and expected to advance further on Monday. However, giving the contracted positions in LME nickel market, SMM expects that LME nickel prices will move in the USD 18,700-19,300/mt, and spot nickel prices will move in the RMB 135,000-135,500/mt range on Monday.