SHANGHAI, Apr. 20 (SMM) -- LME nickel market overnight opened at USD 17,683/mt, with the highest and lowest level of USD 17,825/mt and USD 17,577/mt, respectively. Finally, LME nickel market closed at USD 17,636/mt, down USD 85/mt from a day earlier. Transactions for the day were 2,630 lots, down 212 lots. Positions were 104,289 lots, down 1,098 lots. Inventories were 99,762 mt, up 138 mt.
Strong Chinese equity market drove LME nickel prices up during Asian trading hours yesterday. During European and US trading hours, although Spanish government bond sales were better than expected, its yields remained high. In addition, US initial jobless claims were weak as well. Both factors caused LME nickel prices to fall to close at USD 17,636/mt, down USD 85/mt.
Investors fretted about the higher yields demanded in Spanish government bond auction despite the better-than-expected bond sales, and US initial jobless claims were weak as well. SMM predicts LME nickel prices will move between USD 17,300-18,200/mt today, while domestic spot nickel prices will hover between RMB 128,500-131,000/mt.