SHANGHAI, Apr. 23 (SMM) – LME nickel prices opened at USD 17,894/mt overnight, with the high end of the price range USD 18,350/mt, and finding support at USD 17,894/mt. Finally, LME nickel prices closed at USD 18,340/mt, up USD 431/mt from the previous trading day. Trading volumes increased by 1,232 lots, to 5,068 lots, and total positions decreased by 610 lots to 234,731 lots. Inventories grew by 282 mt, to 277,716 mt.
LME nickel prices soared upon the reopening. LME nickel prices opened at USD 17,894/mt, breaking through USD 18,000/mt. Richmond Fed manufacturing index was 7, driving up LME nickel prices to touch a new high of USD 18,350/mt, leading gains of base metals, up 2.41%.
The market is awaiting HSBC's April PMI, which is expected to improve. LME nickel prices opened at USD 18,305/mt, and will fluctuate between USD 18,250-18,400/mt, and spot nickel prices in Shanghai will be between RMB 125,000-126,000/mt.