SHANGHAI, Apr. 16 (SMM) - LME nickel prices opened at USD 17,839/mt overnight, with the high end of the price range USD 17,910/mt, and finding support at USD 17,130/mt. Finally, LME nickel prices closed at USD 17,732/mt, down USD 62/mt from the previous trading day. Trading volumes increased by 1,990 lots, to 7,980 lots, and total positions decreased by 676 lots to 231,621 lots. Inventories fell by 1,452 mt, to 278,514 mt.
With the lack of positive news, LME nickel prices opened at USD 17,839/mt, and lacked ability to rise further, meeting resistance at USD 17,917/mt, and touching as high as USD 17,910/mt before plunging. During European trading hours, LME nickel prices found support at USD 17,130/mt, rising during US trading hours and closing at USD 17,732/mt.
China's Q1 GDP will be announced today, which is pessimistic. LME nickel prices are expected to found solid support at the 5-day moving average, and meet resistance at USD 17,750/mt today, and spot nickel prices in Shanghai will hover between RMB 116,500-117,500/mt.