SHANGHAI, Apr. 30 (SMM) – LME nickel prices started at USD 13,420/mt on Wednesday and then moved at USD 13,350-13,450/mt. Later, however, the prices fell by nearly USD 200/mt to touch USD 13,210/mt as the YoY decline in crude steel output depressed the market. During the European and US hours, LME nickel rallied with the US dollar weakening and finally ended at USD 13,455/mt, up 0.34. Trading volumes fell by 1,403 lots to 4,761 lots, and positions grew 1,341. LME nickel stocks increased 720 mt to 443,670 mt.
Spot nickel prices in China held firm in the morning with supply tightening and downstream producers buying more actively. In the afternoon, spot trades waned after SHFE nickel dropped.
SHFE 1507 nickel contract prices increased RMB 2,240/mt during night session Wednesday. Spot prices for nickel should hold steady at RMB 97,000-100,050/mt April 30.