SHANGHAI, Jun. 4 (SMM) – LME nickel prices opened at USD 16,385/mt last Friday, with the high end USD 16,400/mt, finding support at USD 16,020/mt. Finally, LME nickel prices closed at USD 16,075/mt, down USD 283/mt. Trading volumes decreased by 568 lots to 2,875 lots, and total position was 113,984 lots, down 109 lots. LME nickel inventories were 107,826 mt, up 720 mt.
Last Friday, China's May PMI was lower than expected, and Germany's PMI was 45.2, lower than 46.2 expected. Eurozone PMI was 45.1, also lower than 45.9 expected. Eurozone unemployment rate in April was 11%, higher than 10.9% expected. But since the market was cautious ahead of the released of US non-farm data, LME nickel prices inched down. US non-farm employments increased by 69,000, much lower than 150,000 expected, while unemployment rate rose from 8.1%, to 8.2%, pushing down LME nickel prices to close at USD 16,075/mt.
LME market will be closed today and tomorrow.
Domestic spot nickel prices should fell to RMB 120,000-123,500/mt as LME nickel prices plunged last Friday.