SHANGHAI, Mar. 29 (SMM) -- LME nickel market overnight opened at USD 17,845/mt, with the highest and lowest level of USD 17,960/mt and USD 17,520/mt, respectively. Finally, LME nickel market closed at USD 17,648/mt, down USD 152/mt from a day earlier. Transactions for the day were 3,926 lots, up 209 lots. Positions were 102,554 lots, up 1,522 lots. Inventories were 99,960 mt, up 738 mt.
LME nickel prices moved higher after a high open during Asian trading hours yesterday, but later fell continuously dragged down by plummeting domestic stock markets. LME nickel prices continued to drop during European and US trading hours due to negative economic data, with prices even dipping to USD 17,500/mt and finally closing at USD 17,648/mt, down USD 452/mt.
LME nickel was the worst performer among all base metals in recent two weeks, with prices already falling below all moving averages. A string of key economic data in the euro zone will be released today, and the US will also announce its 4Q GDP and jobless claims. If these data remain weak, LME nickel prices are expected to fall further, but if these data are better, LME nickel prices are expected to cease the downward trend. SMM expects LME nickel prices to move between USD 17,000-18,000/mt today, while spot nickel prices may fall to RMB 127,000-133,000/mt.