SHANGHAI, Jun. 30 (SMM) – The possibility of a Grexit increased, allowing market panic to grow. It was announced Russian nickel became deliverable brand on the SHFE, pushing down SHFE nickel prices to open at their lowest. LME nickel prices also hit a new low since April 2009. LME nickel prices opened at USD 12,445/mt, and briefly touched the 5-day moving average then dropped all the way. During European and US trading session, LME nickel prices below USD 12,000/mt, dipping to as low as USD 11,730/mt, and closing at USD 11,800/mt, down 11800. Trading volumes increased 7,735 lots to 12,486 lots, and total positions declined 2,552 to 220,306. LME nickel inventories were up 870 mt to 459,018 mt.
LME nickel prices are expected to fall further today. SHFE 1509 nickel contract prices dropped RMB 4,160/mt Monday evening, and will drop to RMB 87,000-88,500/mt. Spot nickel prices in Shanghai will also plunge.
