SHANGHAI, Apr. 28 (SMM) – LME nickel prices opened at USD 18,255/mt overnight, with the high end of the price range USD 18,495/mt, and finding support at USD 18,099/mt. Finally, LME nickel prices closed at USD 18,373/mt, up USD 118/mt from the previous trading day. Trading volumes decreased by 205 lots, to 4,621 lots, and total positions decreased by 2,278 lots to 232,538 lots. Inventories grew by 678 mt, to 277,734 mt.
LME nickel prices opened at USD 18,255/mt last Friday, then plunged below the 5-day moving average, finding support at USD 18,099/mt and then strengthening to USD 18,440/mt. During European trading hours, LME nickel prices resisted both increases and declines, fluctuating between USD 18,250-18,300/mt. As Michigan's April CCI topped March's figures to touch 84.1, LME nickel prices rose at the end of trading and closed at USD 18,480/mt.
LME nickel prices are expected to fluctuate between USD 18,500-18,700/mt today, and spot nickel prices in Shanghai will be between RMB 124,000-125,000/mt.