SHANGHAI, Apr. 30 (SMM) – LME nickel prices registered a 3.49% rise last Thursday and opened at USD 13,925/mt last Friday, but met strong resistance at USD 14,000/mt. The prices then pulled back and ended with a 1.26% loss at USD 13,750/mt. Trading volumes fell by to 3,746 lots, and positions dropped 2,618 to 230,858. LME nickel stocks declined 444 mt.
China’s official manufacturing PMI reported last Friday turned out flat at 50.1, and indicated downward pressure on the Chinese economy. The US ISM manufacturing index stayed low at 51.5 in April.
In China’s spot nickel markets, Jinchuan Group were more willing to sell after spot nickel prices extended gains in the morning, but downstream demand remained weak. In the afternoon, SHFE nickel rallied and exceeded price offers of Jinchuan Group. The company is expected to increase its ex-works prices this week.
Spot prices for nickel are expected to rise to RMB 100,000-102,500/mt May 4.
