SHANGHAI, Apr. 29 (SMM) – LME nickel prices started at USD 13,515/mt on Tuesday and dipped to a low of USD 13,300/mt during Asian hours. During the European and US hours, the prices touched USD 13,300/mt twice and closed down 0.37% at USD 13,410/mt. Trading volumes fell by 1,360 lots to 6,164 lots, and positions grew 976. LME nickel stocks soared 6,408 mt to 442,950 mt.
UK’s Q1 GDP only grew 2.4%, falling short of expectation, and the US Conference Board Consumer Confidence Index hit its lowest since December 2014. The US dollar index dropped 0.7%.
Spot nickel prices in China edged up Tuesday morning, with downstream producers buying on needs. In the afternoon, premiums of Jinchuan nickel increased, but Russian nickel was offered at discounts. Demand remained limited in the afternoon. Eyes are on imports of Russian nickel.
SHFE 1507 nickel contract prices increased RMB 680/mt during night session Tuesday. Spot prices for nickel should hold steady at RMB 97,000-100,000/mt Wednesday.