SHANGHAI, Apr. 25 (SMM) – LME nickel price overnight opened at USD 15,075/mt, with the high end of the price range USD 15,312/mt, and finding support at USD 15,075/mt. Finally, LME nickel prices closed at USD 15,250/mt, up USD 143/mt from the previous trading day. Trading volumes decreased by 407 lots, to 3,075 lots, and total positions increased by 1,302 lots, to 118,357 lots. Inventories grew by 1,314 mt, to 175,860 mt.
On the macroeconomic side, LME base metals prices overnight fell back from a near-a-week high since rising Spain's government bond yields triggered concerns of growing European debt crisis, which offset the effects of Greece's pro-bailout New Democracy party wining the general election. Spain's government bond yields rose by over 7% on April 19, their highest since the launch of the euro in 1999, which caused financial costs of the country to increase significantly. Market players were also concerned that the euro zone will not take any action when European debt crisis spreads to Spain and Italy, with investors selling goods after base metal prices rebounded, which weighed down the market
LME nickel prices will move between USD 15,150-15,500/mt today. Spot nickel prices in Shanghai are expected between RMB 106,000-108,000/mt.