SMM Nickel Market Morning Review (2014-4-8)

SHANGHAI, Apr. 8 (SMM) - LME nickel prices opened at USD 16,350/mt overnight, with the high end of the price range USD 16,549/mt, and finding support at USD 16,350/mt. Finally, LME nickel prices closed at USD 16,522/mt, up USD 135/mt from the previous trading day. Trading volumes decreased by 1,360 lots, to 2,875 lots, and total positions increased by 1,857 lots to 218,428 lots. Inventories fell by 936 mt, to 281,010 mt.

The number of US March non-farm employment released last Friday was 192,000, falling short of February and expectations; March unemployment was flat at 6.7%, giving little effect to nickel prices.  LME nickel prices touched USD 16,591/mt before falling back at the end of trading last Friday, and closed at USD 1,6522/mt on Monday.
 
The US dollar index slid due to the sluggish March non-farm employment rate in the US. LME nickel prices will move between USD 16,450-16,600/mt today, and spot nickel prices in Shanghai will hover between RMB 106,500-107,500/mt.