SHANGHAI, Apr. 3 (SMM) - LME nickel prices opened at USD 16,062/mt overnight, with the high end of the price range USD 16,290/mt, and finding support at USD 16,000/mt. Finally, LME nickel prices closed at USD 16,183/mt, up USD 150/mt from the previous trading day. Trading volumes decreased by 177 lots, to 3,678 lots, and total positions increased by 1,403 lots to 215,835 lots. Inventories fell by 285 mt, to 283,680 mt.
LME nickel prices surged after opening, touching USD 16,160/mt before falling back to USD 16,100/mt during Asian trading hours. During European trading hours, LME nickel prices inched down to USD 16,000/mt. US ADP employment data were 191,000, falling short of the 195,000 expected but well above February figures. US February industry orders rose 1.6%, with LME nickel prices rising and closing at USD 16,183/mt.
LME nickel prices will move between USD 16,100-16,200/mt today, and spot nickel prices in Shanghai will hover between RMB 104,500-105,500/mt.