SHANGHAI, Mar. 17 (SMM) - LME nickel prices opened at USD 15,825/mt overnight, with the high end of the price range USD 15,999/mt, and finding support at USD 15,685/mt. Finally, LME nickel prices closed at USD 15,777/mt, up USD 14/mt from the previous trading day. Trading volumes increased by 663 lots, to 4,567 lots, and total positions increased by 835 lots to 196,985 lots. Inventories grew by 378 mt, to 271,014 mt.
US February PPI was down to -0.1%, and University of Michigan's March CCI fell to 79.9. Due to ongoing Ukraine crisis, LME nickel prices opened at USD 15,825/mt, once touching a high of USD 15,999/mt, and finally closing at USD 15,777/mt. 90% voters support Crimea to join Russia, and Russia will cease fire to March 21. But European countries and the US opposed the vote result, with China taking a neutral attitude.
Russia will cease fire until this Friday, with market players cautious. New York Fed's March manufacturing index and US February industry output will be released today. LME nickel prices will move between USD 15,650-15,800/mt today, and spot nickel prices in Shanghai will hover between RMB 95,200-96,200/mt.