SHANGHAI, May 11 (SMM) – 223,000 jobs were added in US non-farm sector in April, falling far short of the 228,000 expected. But non-farm unemployment rate dropped to a 7-year low of 5.4%. The US dollar index fell initially then climbed to 94.77. The PBOC decided to lower interest rate by 25 percentage points Sunday.
LME nickel prices opened at USD 14,075/mt, then rose and touched USD 14,390/mt in the afternoon. During European trading session, LME nickel prices climbed further and closed at USD 14,330/mt, up 2.58%. Trading volumes decreased 2,589 lots to 5,947 lots, and total positions increased 1,343 to 233,382. LME nickel inventories fell 1,260 mt to 441,174 mt.
LME nickel prices are expected to remain stable today. SHFE 1507 nickel contract prices fell RMB 80/mt last Friday evening. Spot nickel prices in Shanghai will move between RMB 103,000-109,000/mt today.