SHANGHAI, Apr. 30 (SMM) – LME nickel prices opened at USD 18,185/mt overnight, with the high end of the price range USD 18,360/mt, and finding support at USD 17,920/mt. Finally, LME nickel prices closed at USD 18,218/mt, up USD 108/mt from the previous trading day. Trading volumes increased by 1,681 lots, to 7,111 lots, and total positions decreased by 985 lots to 231,617 lots. Inventories fell by 582 mt, to 277,056 mt.
LME nickel prices opened at USD 18,185/mt overnight, touching a high of USD 18,360/mt but failing to stabilize at the 5-day moving average. Dragged down by market caution, LME nickel prices plummeted in the afternoon, but found support at USD 17,920/mt, and then rose again during European trading hours, closing at USD 18,218/mt.
A series of economic data from Europe and the US will be released today, with the market cautious before the reports. LME nickel prices are expected to test support from USD 18,000/mt today, and spot nickel prices in Shanghai will be between RMB 122,000-123,000/mt.