SHANGHAI, Mar. 11 (SMM) - LME nickel prices opened at USD 15,140/mt overnight, with the high end of the price range USD 15,475/mt, and finding support at USD 14,830/mt. Finally, LME nickel prices closed at USD 15,470/mt, up USD 206/mt from the previous trading day. Trading volumes decreased by 2,058 lots, to 7,062 lots, and total positions increased by 9,822 lots to 186,869 lots. Inventories grew by 576 mt, to 271,200 mt.
LME nickel prices inched down after opening, dipping to as low as USD 14,830/mt at one point. During European and US trading hours, LME nickel prices rallied to USD 15,000/mt, and finally closing at USD 15,470/mt. Most investors outside China were optimistic, with total positions increasing to 186,869 lots.
LME nickel prices are expected to meet resistance at USD 15,500/mt today, and spot nickel prices in Shanghai will hover between RMB 94,200-95,200/mt.