SHANGHAI, Apr. 22 (SMM) –Saudi Arabia announced to stop its military attack on Yemen, and API crude oil inventories in the US for the week ending April 18 grew 5.50 million barrels, much higher than the 2.60 million barrels growth the previous week, pushing down crude oil prices.
LME nickel prices opened at USD 12,815/mt during Asian trading session, then fluctuated between USD 12,720-12,820/mt, but fell in the afternoon. During European trading hours, LME nickel prices fell to as low as USD 12,640/mt, but rebounded later on and touched USD 12,930/mt and closed at USD 12,680/mt, down 0.7%. Trading volumes decreased 2,428 to 4,870 lots, and total positions decreased 629 to 230,407. LME nickel inventories grew 228 to 433,962 mt.
LME nickel prices are expected to advance today. SHFE 1507 nickel contract prices rose RMB 270/mt Monday evening. Spot nickel prices in Shanghai will hold stable between RMB 93,000-95,500/mt today.