SHANGHAI, May 14(SMM) – China’s new loans, M2 and informal financing all fell far short of market expectations, meaning a sluggish economy. Eurozone Q1 growth was 0.4%, in line with market expectations. LME nickel prices opened at USD 14,320/mt, then returned above the 5-day moving average, but dropped below the latter again and found support from the 10-day moving average. Nonetheless, LME nickel prices dipped to as low as USD 13,975/mt later the day and closed at USD 14,000/mt, down 2.1%. Trading volumes increased 342 lots to 5,280 lots, and total positions grew 2,386 to 236,247. LME nickel inventories were up 1,008 mt to 441,042 mt.
LME nickel prices should fall further today. SHFE 1507 nickel contract prices declined RMB 1,520/mt Wednesday evening. Spot nickel prices in Shanghai will move between RMB 102,500-106,000/mt today.