SHANGHAI, Apr. 15 (SMM) – US retail sales data released yesterday fell short of market expectations. In the meantime, the IMF lowered its forecast of US economic growth, pushing down the US dollar index. China’s Q1 growth slated for release today is not promising. LME nickel prices opened at USD 12,525/mt, then fell to USD 12,450-12,500/mt. During European and US trading hours, LME nickel prices dropped further, dipping to as low as USD 12,205/mt, but then gained momentum as a large number of longs entered the market, and closed at USD 12,560/mt, up 0.48%. Trading volumes decreased 258 to 6,510 lots, and total positions increased 1,609 to 23,504. LME nickel inventories grew 132 to 431,346 mt.
LME nickel prices should hover around moving averages today. SHFE 1507 nickel contract prices rose RMB 840/mt Tuesday evening. Spot nickel prices in Shanghai will hold stable between RMB 93,000-95,000/mt today.