SHANGHAI, Apr. 11 (SMM) - LME nickel prices opened at USD 16,735/mt overnight, with the high end of the price range USD 17,226/mt, and finding support at USD 16,726/mt. Finally, LME nickel prices closed at USD 17,130/mt, up USD 395/mt from the previous trading day. Trading volumes increased by 4,092 lots, to 7,339 lots, and total positions decreased by 359 lots to 225,486 lots. Inventories fell by 1,158 mt, to 278,844 mt.
China's import and exports data in March were sluggish, down 6.6%, but did not give a significant effect to the market. LME nickel prices soared due to the weakening US dollar index, breaching USD 17,000/mt and touching USD 17,226/mt, and closing at USD 17,130/mt.
The US dollar index fell for five days on end, and the Shanghai Composite Index strengthened. LME nickel prices are expected to hover between USD 17,100-17,250/mt today, and spot nickel prices in Shanghai will hover between RMB 118,000-119,000/mt.