SHANGHAI, Apr. 9 (SMM) – China’s A-share broke through 4,000 yesterday. Fed officials took a mixed attitude whether the Fed will raise interest rate in June, with US stocks closing the day with gains. COMEX crude oil inventories were much higher than expected. Saudi Arabia’s crude oil output in March hit a new high, pushing down COMEX crude oil prices to fall 6%. LME nickel prices opened at USD 12,610/mt, and surged briefly before falling back down to USD 12,570/mt. LME nickel prices rose again later, but dropped back sharply. During European trading session, LME nickel prices touched USD 12,840/mt, then hovered between USD 12,700-12,800/mt. As US crude oil inventories topped market expectations, crude oil prices plunged, dragging down LME nickel prices to fall but rose to close at USD 12,660/mt, up 0.08%. Trading volumes decreased 2,186 to 5,752 lots, and total positions increased 603 to 230,379. LME nickel inventories fell 594 to 431,376 mt.
SHFE 1507 nickel contract prices rose RMB 150/mt overnight, but spot nickel prices in Shanghai will fall to RMB 94,000-96,500/mt today.
