SHANGHAI, Apr. 18 (SMM) – LME nickel price overnight opened at USD 15,750/mt, with the high end of the price range USD 15,815/mt, and finding support at USD 15,360/mt. Finally, LME nickel prices closed at USD 15,403/mt, down USD 357/mt from the previous trading day. Trading volumes decreased by 1,178 lots, to 3,563 lots, and total positions decreased by 3,100 lots, to 118,836 lots. Inventories fell by 48 mt, to 168,546 mt.
LME nickel prices rebounded on Tuesday, but failed to extend increases yesterday, and were weighed down by shorts after touching USD 15,815/mt, continuing to fall to USD 15,478/mt. US stocks markets continued to plunged during European and US trading hours, while the US dollar index rose by 1.1%, weighing on base metals prices. LME nickel prices extended their losses and finally closed at USD 15,403/mt, down USD 357/mt.
The US initial jobless claims data last week will be released today, which is expected to affect the market. LME nickel prices will move between USD 15,100-15,600/mt. Spot nickel prices in Shanghai are expected between RMB 106,000-108,000/mt.