SHANGHAI, Jun. 6 (SMM) – LME nickel prices opened at USD 19,050/mt overnight, with the high end of the price range USD 19,199/mt, and finding support at USD 18,924/mt. Finally, LME nickel prices closed at USD 19,032/mt, down USD 124/mt from the previous trading day. Trading volumes decreased by 1,816 lots, to 2,455 lots and total positions decreased by 2,145 lots to 232,643 lots. LME nickel inventories were up 564 mt to 284,316 mt.
European Central Bank lowered its benchmark interest rates from 0.25% to 0.15%, and lowered deposit interest rates to -0.1%. Mario Draghi expressed they will implement a basket of easy monetary policies when necessary. The news pushed down the euro, but rising later the day as a large number of shorts purchased goods, with the euro pessimistic in the middle to long term.
LME nickel prices are expected to move between USD 18,900-19,200/mt today, and spot nickel prices in Shanghai will move between RMB 133,000-136,000/mt.