SHANGHAI, Apr. 16 (SMM) – China’s Q1 growth hit a six-year low. Some economists believe this should precipitate additional stimulus policies. US industrial output fell short of market expectations, weighing down the US dollar index. EIA reports US crude oil inventory growth was lower than expected last week, driving up COMEX crude oil prices by 5%.
LME nickel prices opened at USD 12,580/mt, then rose to USD 12,550-12,650/mt, reaching as high as USD 12,715/mt. During European trading hours, LME nickel prices edged up to USD 12,600-12,700/mt, and closed at USD 12,680/mt, up 0.96%. Trading volumes decreased 1,156 to 5,354 lots, and total positions decreased 2,758 to 232,289. LME nickel inventories grew 654 to 432,000 mt.
LME nickel prices are expected to rise slightly today. SHFE 1507 nickel contract prices rose RMB 210/mt Wednesday evening. Spot nickel prices in Shanghai will hold stable between RMB 94,000-96,000/mt today.