SHANGHAI, Apr. 3 (SMM) – US economic indicators released overnight were mixed. The US dollar index fell, and crude oil prices also slid as Iran reached an agreement on the country’s nuclear issue. LME nickel prices opened at USD 12,770/mt, then fell and dipped to as low as USD 12,610/mt. As a large number of longs entered t he market, LME nickel prices pulled up and reached as high as USD 13,050/mt during European trading session. During US trading session, LME nickel prices hovered high and closed at USD 13,000/mt, up 2.36%. Trading volumes decreased 731 to 6,796 lots, and total positions increased 2,422 to 226,362. LME nickel inventories fell 1,206 to 431,790 mt.
European and US markets will close today until next Monday due to the holiday. SHFE 1507 nickel contract prices rose RMB 190/mt overnight, and will consolidate today. Spot nickel prices in Shanghai will rise to RMB 97,500-99,500/mt.