SHANGHAI, Apr. 14 (SMM) - LME nickel prices opened at USD 17,139/mt overnight, with the high end of the price range USD 17,495/mt, and finding support at USD 17,130/mt. Finally, LME nickel prices closed at USD 17,450/mt, up USD 320/mt from the previous trading day. Trading volumes decreased by 900 lots, to 6,439 lots, and total positions increased by 3,159 lots to 228,645 lots. Inventories fell by 1,908 mt, to 276,936 mt.
China's March CPI rose 2.4%, but PPI dropped 2.3%, showing a sluggish manufacturing. LME nickel prices opened at USD 17,139/mt and touching as high as USD 17,495/mt, and closing at USD 17,475/mt. Nickel prices continued to rise due to Indonesian ban on the exports of unprocessed ore, and Ukraine crisis may affect Russian nickel supply, which is also positive for nickel prices.
LME nickel prices are expected to hover between USD 17,500-17,600/mt today, and spot nickel prices in Shanghai will hover between RMB 118,500-119,500/mt.