SHANGHAI, Mar. 4 (SMM) - LME nickel prices opened at USD 14,635/mt overnight, with the high end of the price range USD 14,749/mt, and finding support at USD 14,500/mt. Finally, LME nickel prices closed at USD 14,700/mt, up USD 23/mt from the previous trading day. Trading volumes decreased by 1,130 lots, to 5,542 lots, and total positions increased by 3,367 lots to 167,298 lots. Inventories grew by 510 mt, to 271,128 mt.
China's manufacturing PMI released overnight was disappointing, in line with market expectations. But as Indonesian ban on unprocessed ore exports continues to affect the market, LME zinc prices rose during European and US trading hours, meeting resistance at the 5-day moving average, with the high end of the price range of USD 14749/mt and the low of USD 14,500/mt. US ISM manufacturing was 53.2, with new orders index upbeat and employment index level out, pushing up the US dollar index to 80, which weighed on nickel prices.
LME nickel prices are expected to move between USD 14,600-14,700/mt today, and spot nickel prices in Shanghai will hover between RMB 93,500-94,500/mt.