SHANGHAI, Apr. 2 (SMM) - LME nickel prices opened at USD 15,950/mt overnight, with the high end of the price range USD 16,050/mt, and finding support at USD 15,740/mt. Finally, LME nickel prices closed at USD 16,033/mt, up USD 122/mt from the previous trading day. Trading volumes increased by 501 lots, to 3,855 lots, and total positions decreased by 685 lots to 214,432 lots. Inventories fell by 729 mt, to 283,965 mt.
China's official March PMI was 50.3, better than the 50.2 in February; HSBC's March PMI for China was 48, slightly below the 48.1 in February. LME nickel prices opened at USD 15,950/mt during Asian trading hours, then moved lower to USD 15,740/mt, rising and closing at USD 16,033/mt during US trading hours.
LME nickel prices opened at USD 16,062/mt today, and will rise and meet resistance at USD 16,200/mt, then inched down, finding support at USD 15,900/mt. Spot nickel prices in Shanghai will hover between RMB 102,500-103,500/mt.