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SMM Nickel Market Morning Review (2014-3-25)
Mar 25, 2014 09:39Source:SMM
LME nickel prices opened at USD 15,992/mt overnight, with the high end of the price range USD 16,189/mt, and finding support at USD 15,948/mt.
SHANGHAI, Mar. 25 (SMM) - LME nickel prices opened at USD 15,992/mt overnight, with the high end of the price range USD 16,189/mt, and finding support at USD 15,948/mt. Finally, LME nickel prices closed at USD 16,128/mt, up USD 59/mt from the previous trading day. Trading volumes decreased by 852 lots, to 2,867 lots, and total positions increased by 2,906 lots to 204,635 lots. Inventories fell by 54 mt, to 283,524 mt.
LME nickel prices opened at USD 15,992/mt overnight. HSBC's March PMI hit an 8-month low, with little boost for LME nickel prices. During European trading hours, LME nickel prices inched up. both PMIs from the euro zone and the US fell short of February's and expectations, weighing on LME nickel prices to close the day at USD 16,128/mt.
LME nickel prices will move between USD 15,900-16,100/mt today, and spot nickel prices in Shanghai will hover between RMB 101,500-102,500/mt.
LME nickel prices
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