SHANGHAI, May 12(SMM) – The Shanghai Composite Index rebounded to 4,300. LME nickel prices opened at USD 14,350/mt, then fell to as low as USD 14,210/mt, but regained ground and touched USD 14,520/mt. But during European and US trading session, LME nickel prices fluctuated between USD 14,350-14,500/mt, and dropped due to the exodus of longs, and closed at USD 114,270/mt, down 0.42%.
Trading volumes increased 544 lots to 6,491 lots, and total positions decreased 1,397 to 231,985. LME nickel inventories grew 1,638 mt to 442,812 mt.
LME nickel prices are expected to inch lower today. SHFE 1507 nickel contract prices fell RMB 1,520/mt Monday evening. Spot nickel prices in Shanghai will move between RMB 104,500-109,500/mt today.