SHANGHAI, Apr. 4 (SMM) - LME nickel prices opened at USD 16,180/mt overnight, with the high end of the price range USD 16,288/mt, and finding support at USD 16,091/mt. Finally, LME nickel prices closed at USD 16,275/mt, up USD 92/mt from the previous trading day. Trading volumes decreased by 977 lots, to 2,701 lots, and total positions increased by 2,428 lots to 218,263 lots. Inventories fell by 744 mt, to 282,936 mt.
LME nickel prices opened at USD 16,180/mt before falling to USD 16,091/mt during Asian trading hours, but rising again. During European and US trading hours, LME nickel prices touched USD 16,286/mt, but then falling again. European Central Bank President Mario Draghi said the euro zone is considering using non-regular monetary policies to improve the market given low inflation and high unemployment rate, causing the euro to plunge. But US ISM non-manufacturing index was positive, with the employment index growth hitting a record high on a MoM basis. LME nickel prices rose at the end of trading and closed at USD 16,275/mt.
US March non-farm employment data will be released today. LME nickel prices will test USD 16,385/mt today, finding support at USD 16,150/mt. Spot nickel prices in Shanghai will hover between RMB 104,800-105,800/mt.