SHANGHAI, Apr. 17 (SMM) - LME nickel prices opened at USD 17,670/mt overnight, with the high end of the price range USD 18,105/mt, and finding support at USD 17,261/mt. Finally, LME nickel prices closed at USD 17,886/mt, up USD 154/mt from the previous trading day. Trading volumes decreased by 999 lots, to 6,981 lots, and total positions decreased by 2,909 lots to 228,712 lots. Inventories fell by 1,266 mt, to 277,248 mt.
China's Q1 GDP rose 7.4% YoY, compared to the expectation of 7.3% and 7.7% in the previous quarter, and hitting a record low since the financial crisis. China's Q1 economy faced significant downward pressure. LME nickel prices opened at USD 17,670/mt, then inched down and found support at USD 17,261/mt. during European trading hours, LME nickel prices rebounded and touched a new high of USD 18,105/mt, and closing at USD 17,886/mt.
China's March FDI data will be announced today. LME nickel prices are expected to move between USD 17,750-17,900/mt today, and spot nickel prices in Shanghai will hover between RMB 117,000-118,000/mt.