SHANGHAI, Jun. 7 (SMM) – LME nickel prices overnight opened at USD 16,060/mt, with the high end USD 16,345/mt, finding support at USD 15,980/mt. Finally, LME nickel prices closed at USD 16,160/mt, up USD 85/mt. Trading volumes increased by 585 lots to 3,460 lots, and total position was 115,494 lots, up 1510 lots. LME nickel inventories were 107,724 mt, down 102 mt.
LME nickel prices opened at USD 16,050/mt, and inched down to USD 15,980/mt. Finally, LME nickel prices closed at USD 16,160/mt on news that German and EU officials are making plans helping out Spain’s debt-ridden banking sector, up USD 85/mt.
LME base metals prices rose on Wednesday. European central bank decided to maintain interest rates unchanged at 1%, in line with market speculations, but some officials of the bank were in favor of interest rate decreases. Chairman of the US Federal Reserve Bank in Atlanta said the Fed will take addition quantitative easing monetary policies in US economic recession or European crisis trigger financial turmoil, and will likely buy more government bonds. The news allowed investors to exit US government bonds and US dollars markets, pushing up crude and commodity prices.
LME nickel prices should move between USD 15,900-16,400/mt today, and domestic spot nickel prices should rise to RMB 118,200-122,500/mt.