SHANGHAI, May 18(SMM) – US April industrial output was -0.3%, falling for the fifth straight month, weighing on the US dollar index and boosting base metals prices.
LME nickel prices opened at USD 13,790/mt last Friday, touching as high as USD 14,030/mt. During European and US trading session, LME nickel prices rolled back early gains and slumped to as low as USD 13,680/mt, and closed at USD 13,865/mt, up 0.25%. Trading volumes decreased 528 lots to 4,995 lots, and total positions fell 1,647 to 233,421. LME nickel inventories were up 972 mt to 444,324 mt.
LME nickel prices should remain steady today. SHFE 1507 nickel contract prices declined RMB 1,030/mt last Friday evening. Spot nickel prices in Shanghai will move between RMB 101,000-105,500/mt today.