SHANGHAI, May 6 (SMM) – LME nickel prices opened at USD 13,850/mt, then plunged to as low as USD 13,680/mt, but leveled out. LME nickel prices climbed with other base metals prices in the afternoon, breaking through USD 14,000/mt and touched as high as USD 14,350/mt, and closed at USD 14,245/mt, up 3.6%. Trading volumes surged 6,250 lots to 9,996 lots, and total positions grew 773 to 231,631. LME nickel inventories fell 252 mt to 444,060 mt.
LME nickel prices are expected to remain high today. SHFE 1507 nickel contract prices rose RMB 4,600/mt Tuesday evening. Spot nickel prices in Shanghai will move between RMB 104,000-107,000/mt today.