SHANGHAI, Apr. 15 (SMM) - LME nickel prices opened at USD 17,505/mt overnight, with the high end of the price range USD 17,917/mt, and finding support at USD 17,495/mt. Finally, LME nickel prices closed at USD 17,794/mt, up USD 344/mt from the previous trading day. Trading volumes decreased by 449 lots, to 5,990 lots, and total positions increased by 3,652 lots to 232,297 lots. Inventories grew by 3,030 mt, to 279,966 mt.
No significant news was released overnight. LME nickel prices opened at USD 17,505/mt and touching as high as USD 17,917/mt, and closing at USD 17,797/mt, up USD 345/mt.
US New York Fed's manufacturing index in April will be announced today. LME nickel prices are expected to rise to between USD 17,800-17,950/mt today, and spot nickel prices in Shanghai will hover between RMB 121,000-122,000/mt.