SHANGHAI, Aug. 12 (SMM) – The PBOC lowered RMB central parity by nearly 2%, its biggest drop in over 20 years.
LME nickel prices opened at USD 11,195/mt, then increased to as high as USD 11,275/mt, but fell back down and erased all early gains. During European and US trading session, LME nickel prices extended losses and closed at USD 10,670/mt, down USD 480/mt or 4.29%. Trading volumes increased 2,880 lots to 8,630 lots, and total positions added 189 to 225,646. LME nickel inventories remained unchanged at 456,708 mt.
LME nickel prices are expected to fall further today. SHFE 1509 nickel contract prices tumbled RMB 1,070/mt Tuesday evening, and should move between RMB 80,300-81,600/mt today. Spot nickel prices in Shanghai will fall to RMB 81,000-82,000/mt.