SHANGHAI, Nov. 2 (SMM) – LME nickel prices opened at USD 10,350/mt last Friday, then fell and fluctuated between RMB 10,250-10,300/mt. In Europe and US trade session, LME nickel prices fell below the 60 and 40-day moving average, and closed at USD 10,045/mt. Trading volumes expanded to 7,245 lots, and total positions declined 379 to 243,600. LME nickel inventories fell 1,482 to 426,000 mt.
SHFE 1601 nickel contract prices will fall to RMB 76,300-77,300/mt today. Spot zinc prices in Shanghai should drop to RMB 75,300-76,300/mt.