SHANGHAI, Mar. 20 (SMM) – LME nickel prices moved between USD 16,200-16,400/mt after opening at Asian trading hours Wednesday, but once touched a low of USD 15,998/mt due to caution before the Fed’s policy meeting. Later, the rebound in LME copper drove nickel prices to rise again. After the FOMC meeting, the Fed’s announced to update forward guidance, and mentioned a possible interest rate increase as early as 2015. Besides, the Fed continued to trim its bond buying program by USD 10 billion to USD 55 billion. The US dollar index rose above 80 after the meeting and LME nickel prices finally closed at USD 16,340/mt, up 0.55%, with an intraday high at USD 16,385/mt. Traded volumes were up 440 lots to 6,109 lots, and positions declined 3,391 lots to 197,404 lots. LME nickel stocks increased 996 mt to 271,926 mt.
On Thursday, spot nickel prices in China are expected to be RMB 101,500-102,500/mt.