SHANGHAI, Mar. 3 (SMM) - LME nickel prices opened at USD 14,411/mt overnight, with the high end of the price range USD 14,719/mt, and finding support at USD 14,390/mt. Finally, LME nickel prices closed at USD 14,677/mt, up USD 232/mt from the previous trading day. Trading volumes increased by 2,756 lots, to 6,672 lots, and total positions decreased by 3 lots to 163,931 lots. Inventories fell by 78 mt, to 270,618 mt.
Russian Federation Council approved Putin to launch military attack on Ukraine, pushing down base metals prices last Friday as well as the US dollar index. But LME nickel prices rose by USD 232/mt, supported by Indonesian ban on unprocessed ore exports. Nickel was popular at USD 15,000/mt. China’s February manufacturing PMI was 50.2%, down 0.3% MoM.
LME nickel prices are expected to surge to USD 14,680-14,820/mt today, and spot nickel prices in Shanghai will hover between RMB 94,500-95,500/mt.