SMM Nickel Market Morning Review (2015-8-24)

SHANGHAI, Aug. 24 (SMM) –LME nickel prices opened at USD 103,350/mt last Friday, and rebounded to as high as RMB 10,380/mt, but rolled back early gains in the afternoon. During European and US trading session, LME zinc prices plunged and dipped to as low as USD 10,065/mt, and closed at USD 10,185/mt, down 1.45%. Trading volumes increased 1,371 lots to 7,167 lots, and total positions declined 924 to 224,569. LME nickel inventories fell 900 to 454,992 mt.

LME nickel prices are expected to fall to USD 10,000/mt mark today. SHFE 1601 nickel contract prices tumbled RMB 1,920/mt last Friday evening, and should move between RMB 78,000-80,000/mt today. Spot nickel prices in Shanghai will likely fall.