SHANGHAI, Apr. 2 (SMM) – China’s March official PMI rebounded. ADP’s employment data for the US were sluggish, triggering market concerns over US economy. This allowed US stocks to fell across the board. LME nickel prices opened at USD 12,310/mt, then rebounded to USD 12,570/mt, and leveled off. During US trading session, LME nickel prices climbed further to USD 12,775/mt, and closed at USD 12,700/mt, up 2.83%. Trading volumes decreased 3,066 to 7,527 lots, and total positions increased 1,275 to 223,940. LME nickel inventories fell 810 to 432,996 mt.
LME nickel prices are expected to rise today. SHFE 1507 nickel contract prices rose RMB 1,900/mt overnight, which will dampen demand. Spot nickel prices in Shanghai will rise to RMB 96,000-98,000/mt.