SHANGHAI, Apr. 14 (SMM) – China’s A-share surged to 4,100, inspiring market sentiment. With the exception of aluminum, LME base metals prices increased in the morning, but base metals prices fell back down due to the sluggish trade data from China. LME nickel prices opened at USD 12,685/mt, then dipped to USD 12,600/mt, but gained ground later the day, reaching as high as USD 12,600/mt. During European trading hours, LME nickel prices dropped again, but found support from the 5-day moving average. During US trading session, LME nickel prices plummeted and dipped to USD 12,440/mt, and closed at USD 12,500/mt, down 1.42%. Trading volumes increased 1,121 to 6,768 lots, and total positions increased 1,316 to 233,438. LME nickel inventories fell 78 to 431,214 mt.
LME nickel prices should fall slightly today. SHFE 1507 nickel contract prices slumped RMB 1,640/mt Monday evening. Spot nickel prices in Shanghai will drop to RMB 93,000-95,000/mt today.