SHANGHAI, Mar. 6 (SMM) - LME nickel prices opened at USD 15,111/mt overnight, with the high end of the price range USD 15,343/mt, and finding support at USD 15,070/mt. Finally, LME nickel prices closed at USD 15,135/mt, up USD 10/mt from the previous trading day. Trading volumes decreased by 1,665 lots, to 5,610 lots, and total positions increased by 1,526 lots to 169,281 lots. Inventories fell by 564 mt, to 270,366 mt.
LME zinc prices overnight touched a new high of USD 15,343/mt after opening. Market cautious grew after news that Russia was unable to control its self-defence corps, leaving LME nickel prices resistant to both increases and declines. US ADP employment in February increased to 139,000, better than January’s but falling short of expectations, with LME nickel prices closing at USD 15,135/mt.
Concerns over Ukraine crisis continue, and decisions of interest rate policy by European Central Bank and Bank of England will be the focus of markets today. LME nickel prices are expected to move between USD 15,000-15,200/mt today, and spot nickel prices in Shanghai will hover between RMB 95,000-96,000/mt.