SMM Nickel Market Morning Review (2014-6-9)

SHANGHAI, Jun. 9 (SMM) – LME nickel prices opened at USD 19,090/mt overnight, with the high end of the price range USD 19,200/mt, and finding support at USD 18,505/mt. Finally, LME nickel prices closed at USD 18,804/mt, down USD 228/mt from the previous trading day. Trading volumes increased by 3,157 lots, to 5,612 lots and total positions decreased by 69 lots to 232,574 lots. LME nickel inventories were down 324 mt to 283,992 mt.

LME nickel prices opened at USD 19,090/mt, then inched down. As the market remained cautious before the release of US non-farm employment data, LME nickel prices once plummeted to USD 18,505/mt. US Labor Department announced the number of US May non-farm employment was 217,000, better than April’s level. LME nickel prices were barely affected, and closing at USD 18,804/mt.

LME nickel prices are expected to move between USD 18,750-19,000/mt today, and spot nickel prices in Shanghai will move between RMB 132,800-134,800/mt.