SHANGHAI, Apr. 8 (SMM) – Euro zone economic indicators in March released yesterday were lower than expected, weighing down the euro. The US dollar index, however, rose on upbeat economic data from the US. LME nickel prices surged to USD 13,190/mt after opening, then plunged to USD 13,000/mt. During European trading session, the US dollar index climbed 0.45%, pushing LME nickel prices back down. As of 6:00 PM, LME nickel prices tumbled USD 500/mt, dipping to as low as USD 12,560/mt. During US trading session, LME nickel prices rebounded, but fell again and closed the day at USD 12,650/mt, down 2.69%. Trading volumes increased 1,142 to 7,938 lots, and total positions increased 3,414 to 229,776. LME nickel inventories grew 180 to 431,970 mt.
SHFE 1507 nickel contract prices plummeted RMB 2,110/mt overnight, but spot nickel prices in Shanghai will fall to RMB 95,500-97,500/mt today.