SMM Nickel Market Morning Review (2014-3-28)

SHANGHAI, Mar. 28 (SMM) - LME nickel prices opened at USD 15,890/mt overnight, with the high end of the price range USD 15,925/mt, and finding support at USD 15,695/mt. Finally, LME nickel prices closed at USD 15,710/mt, down USD 183/mt from the previous trading day. Trading volumes decreased by 1,040 lots, to 4,250 lots, and total positions increased by 2,081 lots to 207,470 lots. Inventories grew by 1,464 mt, to 286,674 mt.

Profit at China's scale-efficient industrial enterprises during January-February was RMB 779.31 billion, well below the RMB 942.53 billion on the month, but this did not affect the market significantly.

LME nickel prices opened at USD 15,890/mt overnight, then moved between USD 15,850-15,900/mt, inching down in the afternoon and finding support at USD 15,705/mt. During European and US trading hours, as the number of US initial jobless claims last week hit a four-month low of 311,000,
LME nickel prices closed the day at USD 15,710/mt.

Euro zone March economic climate index, US February PPI, PCE and University of Michigan's March CCI will be announced today. LME nickel prices will move between USD 15,550-15,700/mt today, and spot nickel prices in Shanghai will hover between RMB 100,100-101,100/mt.