Nickel trading range for the day is 595.1-612.9. Nickel dropped as prices retreated tracking weakness in LME by 0.5 percent to close at $9,345 after Chinese ore imports surged 48 percent. Chinas Tangshan city launched a campaign to improve air quality, saying steel mills that fail to meet emission standards face suspension and heavy fines.Recovering ore exports from the Philippines were responsible for the bulk the April rebound.
Copper trading range for the day is 367.6-376.8. Copper gained as support seen after update workers at the giant Grasberg copper mine at Freeport McMoRan Inc will extend a strike for a second month. The global world refined copper market showed a 93,000 tonnes surplus in February, compared with a 55,000 tonnes surplus in January, the ICSG said. Hedge funds and other money managers increased their net long position in COMEX copper in the week ended May 16, U.S. CFTC data showed.
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