SHANGHAI, Apr. 25 (SMM) – LME nickel prices opened at USD 18,410/mt overnight, with the high end of the price range USD 18,600/mt, and finding support at USD 18,255/mt. Finally, LME nickel prices closed at USD 18,255/mt, up USD 826/mt from the previous trading day. Trading volumes decreased by 2,220 lots, to 4,826 lots, and total positions increased by 894 lots to 234,816 lots. Inventories grew by 168 mt, to 277,056 mt.
Boosted by news that the State Reserve Bureau will build copper reserves, base metals prices rose significantly. But LME nickel prices dropped slightly yesterday, with prices opening at USD 18,410/mt, rising to a new high of USD 18,600/mt before falling back, and closing at USD 18,255/mt. Total positions did not decreased sharply.
LME nickel prices are expected to fluctuate between USD 18,250-18,500/mt today, and spot nickel prices in Shanghai will be between RMB 125,200-126,000/mt.