SHANGHAI, Mar. 29 (SMM) -- LME nickel for delivery in three months opened at USD 16,857/mt and closed at USD 16,688/mt on Thursday, down USD 192/mt from a day earlier, with the intraday high at USD 16,875/mt and the lowest price at USD 16,580/mt. Daily trading volumes were 2,959 lots, up 574 lots. Positions were 113,280 lots, down 70 lots. LME nickel inventories were 165,420 mt, up 768 mt.
LME nickel prices were pressured around 10-day moving average after opening at USD 16,875/mt. Shanghai Composite Index fell by over 2%, weighing down LME nickel prices steadily. During the European and US trading hours, the US GDP and employment data were below market expectation, further dampening market expectation. Finally, LME nickel prices closed at USD 16,688/mt, down USD 192/mt from a day earlier.
LME base metal market will be closed today, and SMM expects that Shanghai spot nickel prices will move between RMB 115,500-117,500/mt on Friday.