SHANGHAI, Jun. 4 (SMM) – LME nickel prices opened at USD 19,350/mt overnight, with the high end of the price range USD 19,480/mt, and finding support at USD 19,012/mt. Finally, LME nickel prices closed at USD 19,022/mt, down USD 418/mt from the previous trading day. Trading volumes increased by 102 lots, to 3,198 lots and total positions decreased by 5,109 lots to 232,820 lots. LME nickel inventories were down 126 mt to 283,986 mt.
HSBC's May PMI for China was 49.4, higher than April's 48.1, but was revised downwardly from the initially 49.7. Euro zone May CPI unexpectedly slowed, down 0.2% to 0.5%. ECB's policy meeting will be a focus of markets.
Euro zone Q1 GDP will be released today. LME nickel prices are expected to move between USD 18,700-19,100/mt today, and spot nickel prices in Shanghai will move between RMB 134,000-136,000/mt.