SHANGHAI, Apr. 29 (SMM) – LME nickel prices opened at USD 18,467/mt overnight, with the high end of the price range USD 18,715/mt, and finding support at USD 18,100/mt. Finally, LME nickel prices closed at USD 18,110/mt, down USD 263/mt from the previous trading day. Trading volumes increased by 809 lots, to 5,430 lots, and total positions increased by 64 lots to 232,602 lots. Inventories fell by 96 mt, to 277,638 mt.
As Indonesian ban on the exports of unprocessed ore, LME nickel prices opened at USD 18,467/mt overnight, then soared to touch a new high of USD 18,715/mt. but dragged down by the sluggish spot prices, domestic spot prices did not rise. During European trading hours, LME nickel prices fell back, and closed at USD 18,110/mt.
Eurozone April economic climate index and April Conference Board's CCI will be announced today, with the market cautious before these reports. LME nickel prices are expected to fluctuate between USD 18,200-18,400/mt today, and spot nickel prices in Shanghai will be between RMB 124,500-125,500/mt.