SHANGHAI, Apr. 1 (SMM) - LME nickel prices opened at USD 15,786/mt overnight, with the high end of the price range USD 15,940/mt, and finding support at USD 15,705/mt. Finally, LME nickel prices closed at USD 15,911/mt, up USD 166/mt from the previous trading day. Trading volumes increased by 25 lots, to 3,354 lots, and total positions increased by 5,400 lots to 215,117 lots. Inventories fell by 768 mt, to 284,694 mt.
LME nickel prices opened at USD 15,825/mt during Asian trading hours, then moved between USD 15,850-15,900/mt, touching USD 15,925/mt before leveling out. Yellen's statement expressed US economy is still sluggish, pushing up US stocks and LME nickel prices, and closing at USD 15,911/mt.
HSBC's and official PMI for China in March will be announced today, which is expected to be lower than February. LME nickel prices will move between USD 15,800-15,950/mt today, and spot nickel prices in Shanghai will hover between RMB 102,200-103,200/mt.