SHANGHAI, Mar. 27 (SMM) - LME nickel prices opened at USD 16,045/mt overnight, with the high end of the price range USD 16,187/mt, and finding support at USD 15,703/mt. Finally, LME nickel prices closed at USD 15,893/mt, down USD 157/mt from the previous trading day. Trading volumes increased by 1,526 lots, to 5,290 lots, and total positions increased by 52 lots to 205,389 lots. Inventories grew by 1,578 mt, to 285,210 mt.
LME nickel prices opened at USD 16,045/mt overnight, dipping to USD 15,962/mt before rising, touching USD 16,187/mt. but as a large number of longs left the market during US trading hours, LME nickel prices fell and closed the day at USD 15,893/mt.
Profit at China's scale-efficient industrial enterprises during January-February is pessimistic. LME nickel prices will move between USD 15,850-16,000/mt today, and spot nickel prices in Shanghai will hover between RMB 101,200-102,200/mt.