SHANGHAI, Apr. 11 (SMM) -- LME nickel market overnight opened at USD 18,104/mt, with the highest and lowest level of USD 18,230/mt and USD 17,762/mt, respectively. Finally, LME nickel market closed at USD 18,001/mt, down USD 305/mt from a day earlier. Transactions for the day were 2,967 lots, up 215 lots. Positions were 107,475 lots, up 1,074 lots. Inventories were 100,026 mt, down 124 mt.
US equities plummeted yesterday due to weak nonfarm payrolls, and China’s narrower trade surplus in March also indicates overseas demand weakened continuously. In response, LME nickel prices edged lower after a low open, with prices once falling below USD 18,000/mt and finally closing at USD 18,001/mt, down USD 305/mt.
US job markets recovered slower, spurring concerns over the US economy after European debt crisis dragged down the euro zone economy. In addition, China’s trade surplus narrowed continuously, reflecting weaker overseas demand. LME nickel prices are expected to remain weak today and may fall back below USD 18,000/mt. SMM predicts LME nickel prices will move between USD 17,500-18,500/mt today, while domestic spot nickel prices may fall to RMB 130,000-135,000/mt.