SHANGHAI, Mar. 19 (SMM) - LME nickel prices opened at USD 15,925/mt overnight, with the high end of the price range USD 16,250/mt, and finding support at USD 15,925/mt. Finally, LME nickel prices closed at USD 16,250/mt, up USD 301/mt from the previous trading day. Trading volumes increased by 1,526 lots, to 5,669 lots, and total positions increased by 540 lots to 200,795 lots. Inventories grew by 120 mt, to 270,930 mt.
Boosted by Indonesian ban on the exports of unprocessed ore, LME nickel prices broke through USD 16000/mt after opening, then fluctuated at high levels, and closing the day at USD 16,250/mt, up 1.89%, the largest increase of all base metals.
The market will lack solid news today, and the FOMC policy meeting result will be released tomorrow. LME nickel prices will move between USD 16,000-16,250/mt today, and spot nickel prices in Shanghai will hover between RMB 97,800-98,800/mt.