SHANGHAI, Mar. 28 (SMM) -- LME nickel LME nickel for delivery in three months opened at USD 16,847/mt and settled at USD 16,880/mt overnight, up by USD 75/mt from a day earlier, with the intraday high at USD 16,869 mt and the low at USD 16,635/mt. Daily trading volumes were 2,412 lots, down 28 lots. Positions were 113,350 lots, up 409 lots. LME nickel inventories were 164,652 mt, up 2,154 mt.
LME nickel prices extended downward momentum and hit an intraday low at USD 16,710/mt during the Asian trading hours. During the European trading hours, LME nickel prices rebounded on a slew of positive economic data, including Germany’s Gfk consumer confidence index, Spanish GDP for Q4, and Italian industrial orders. Finally, LME nickel prices closed at USD 16,880/mt, up USD 75/mt from a day earlier.
Market focus was still on the US final GDP for Q4 and the US employment data for March, which will affect base metal price movement. SMM expects that LME nickel prices will continue to test resistance at USD 16,900-17,000/mt and to move between USD 16,900-17,000/mt, and Shanghai nickel spot prices will move between RMB 116,500-118,500/mt on Thursday.