SMM Nickel Market Morning Review (2015-5-7)

SHANGHAI, May 7 (SMM) – LME nickel prices opened at USD 14,250/mt, then plunged to as low as USD 14,155/mt, but climbed again to as high as USD 14,585/mt due to the falling US dollar index. But during European and US trading session, LME nickel prices rolled back early gains and slumped to as low as USD 13,870/mt, and closed at USD 13,970/mt, down 1.93%. Trading volumes increased 697 lots to 10,693 lots, and total positions decreased 748 to 230,883. LME nickel inventories fell 144 mt to 443,916 mt.

LME nickel prices are expected to fall further today. SHFE 1507 nickel contract prices tumbled RMB 1,480/mt Wednesday evening. Spot nickel prices in Shanghai will move between RMB 101,000-106,000/mt today.