SHANGHAI, Mar. 13 (SMM) - LME nickel prices opened at USD 15,434/mt overnight, with the high end of the price range USD 15,735/mt, and finding support at USD 15,330/mt. Finally, LME nickel prices closed at USD 15,674/mt, up USD 204/mt from the previous trading day. Trading volumes decreased by 139 lots, to 6,440 lots, and total positions increased by 4,393 lots to 192,443 lots. Inventories fell by 828 mt, to 269,886 mt.
The market lacked solid news overnight. LME nickel prices opened at USD 15,434/mt, dipping to USD 15,330/mt at one point. But as LME copper prices stopped falling, LME nickel prices strengthened again, and finally closing the day flat at USD 15,674/mt, up 1.32%, the largest gains of all base metals. Total positions breached 19,000 lots, with trading volumes remaining unchanged.
Value added at China's scale-efficient industries during January-February and fixed assets investments will be released today. The market will feel a sense of relief should the data come in positive, which will push up LME nickel prices to USD 15,650-15,800/mt, and spot nickel prices in Shanghai will hover between RMB 94,800-95,800/mt.