SHANGHAI, May 4 (SMM) – LME nickel prices overnight opened at USD 17,285/mt, with the high end USD 17,550/mt, finding support at USD 17,285/mt. Finally, LME nickel prices closed at USD 17,392/mt, up USD 45/mt. Trading volumes increased by 446 lots to 3,873 lots, and total position was 109,589 lots, up 3,097 lots. LME nickel inventories were 103,764 mt, down 132 mt.
LME nickel prices overnight rallied after a drop of several consecutive days, once touching USD 17,500/mt. European central bank decided to maintain current interest rate unchanged, triggering concerns over eurozone outlook. As a result, LME nickel prices fell to close at USD 17,392/mt, up USD 45/mt.
European central bank announced it will maintain indicator interest rate, deposit interest rate and loan interest rate unchanged at 1.0%, 0.25% and 1.75%.
US will announce non-farm employment rate today, and the market will not fluctuate significantly. LME nickel prices should move between USD 17,100-17,800/mt; spot nickel prices should remain between RMB 128,500-132,000/mt.