SHANGHAI, Mar. 12 (SMM) - LME nickel prices opened at USD 15,450/mt overnight, with the high end of the price range USD 15,761/mt, and finding support at USD 15,413/mt. Finally, LME nickel prices closed at USD 15,470/mt, level with the previous trading day. Trading volumes decreased by 483 lots, to 6,579 lots, and total positions increased by 1,181 lots to 188,050 lots. Inventories fell by 486 mt, to 270,714 mt.
The market lacked solid news overnight, but strong long momentum pushed up LME nickel prices to touch a new high of USD 15,761/mt. During US trading hours, LME nickel prices inched down with LME copper prices, and finally closing the day flat at USD 15,470/mt.
LME copper prices look set to plummet further today, and LME nickel prices are expected to move at high levels between USD 15,350-15,500/mt, and spot nickel prices in Shanghai will hover between RMB 94,500-95,500/mt.