SHANGHAI, Mar. 26 (SMM) - LME nickel prices opened at USD 16,100/mt overnight, with the high end of the price range USD 16,358/mt, and finding support at USD 16,050/mt. Finally, LME nickel prices closed at USD 16,050/mt, down USD 78/mt from the previous trading day. Trading volumes increased by 897 lots, to 3,764 lots, and total positions increased by 702 lots to 205,337 lots. Inventories grew by 108 mt, to 283,632 mt.
US Conference Board's March CCI was 83.5, better than February's and expectations. European Central Bank Chairman Mario Draghi said they are open for negative interest rate. LME nickel prices opened at USD 16,100/mt, then rose during Asian and European trading hours, touching USD 16,358/mt at one point. During US trading hours, LME nickel prices inched down and closed the day at USD 16,050/mt.
LME nickel prices will move between USD 16,000-16,100/mt today, and spot nickel prices in Shanghai will hover between RMB 102,500-103,500/mt.