SHANGHAI, Apr. 1 (SMM) – European economy appeared to have improved thanks to quantitative easing. The US dollar index strengthened on positive US economic indicators. LME nickel prices opened at USD 12,830/mt, then dropped below USD 12,500/mt, dipping to as low as USD 12,400/mt. Nonetheless, LME nickel prices rallied later on. But during European and US trading session, LME nickel prices inverted gains, and closed at USD 12,350/mt, down 4%. Trading volumes surged 2,679 to 10,593 lots, and total positions increased 2,869 to 222,665. LME nickel inventories fell 1,242 to 433,806 mt.
LME nickel prices should fall further. SHFE 1507 nickel contract prices are expected to drop to RMB 90,000/mt level today, with spot nickel prices in Shanghai between RMB 94,500-96,300/mt.