LME nickel prices opened at USD 10,800/mt, then increased to as high as USD 11,045/mt. During European and US trading session, LME nickel prices strengthened further and touched as high as USD 11,220/mt, and closed at USD 11,180/mt, up 3.52%. Trading volumes increased 140 lots to 5,750 lots, and total positions fell 782 to 225,457. LME nickel inventories grew 30 to 456,708 mt.
LME nickel prices are expected to fall after touching the 20-day moving average today. SHFE 1509 nickel contract prices surged RMB 2,430/mt Monday evening, and should move between RMB 81,800-83,300/mt today. Spot nickel prices in Shanghai will rebound to RMB 82,000-83,700/mt.