SHANGHAI, Apr. 10 (SMM) - LME nickel prices opened at USD 16,483/mt overnight, with the high end of the price range USD 16,740/mt, and finding support at USD 16,375/mt. Finally, LME nickel prices closed at USD 16,735/mt, up USD 297/mt from the previous trading day. Trading volumes decreased by 445 lots, to 3,247 lots, and total positions increased by 3,213 lots to 225,845 lots. Inventories fell by 1,596 mt, to 280,002 mt.
LME nickel prices opened at USD 16,483/mt and then hovered around USD 16,450/mt, finding support at USD 16,375/mt. During US trading hours, many US Federal Reserve officials believe FOMC meeting overestimated interest rate growth, and the US labor market is still sluggish, with US economy affected significantly. The market remained cautious due to uncertainties over the Fed’s policies, pushing down the US dollar index. But LME nickel prices rose noticeably and closed at a new high of USD 16,740/mt.
China will announce its March import and export data today, which is expected to be better on a MoM basis but lower YoY. A plummeting US dollar index will push up LME nickel prices, hovering between USD 16,700-16,800/mt today, and spot nickel prices in Shanghai will hover between RMB 110,000-111,000/mt.