SHANGHAI, Apr. 23 (SMM) - LME nickel prices overnight opened at USD 17,650/mt, with the high end USD 17,990/mt, finding support at USD 17,645/mt. Finally, LME nickel prices closed at USD 17,874/mt, up USD 238/mt. Trading volumes decreased by 673 lots to 1,957 lots, and total position was 105,286 lots, up 997 lots. LME nickel inventories were 100,080 mt, up 318 mt.
LME nickel prices edged up during Asian trading hours last Friday; due to positive data from the eurozone and US, and G20 leaders agreeing to increase USD 400 billion of capital to the IMF, LME nickel prices continued to rise and finally closed at USD 17,874/mt, up USD 238/mt.
At the G20 taking place April 20th in Washington, major leaders pledged to supply USD 430 billion of new funds for the IMF, helping double its loan ability so that global economy will not be impacted by the debt crisis in eurozone. The G20 acts to ensure the IMF will decisively take measures once the debt crisis deteriorates and threatens global economic recovery. Spanish debt crisis is now the focus of markets on top of the resolving of Greek debt crisis, and Spanish is allowed to take more actions to cope with the debt crisis. Metal markets are expected to be optimistic, but investors are cautious ahead of the release of HSBC China’s PMI. If the PMI data turns out disappointing, LME nickel prices should be pushed down. LME nickel prices should move between USD 17,500-18,200/mt, with spot prices between RMB 128,500-133,000/mt.