SHANGHAI, May 13(SMM) – The upcoming El Nino should affect commodity prices. LME nickel prices opened at USD 14,215/mt, then fell below the 5-day moving average, and extended losses during European trading session, but found support from USD 14,000/mt. Nonetheless, LME nickel prices reversed declines and closed at USD 14,300/mt, up 0.21%. Trading volumes decreased 1,553 lots to 4,938 lots, and total positions increased 1,876 to 233,861. LME nickel inventories fell 2,778 mt to 440,034 mt.
LME nickel prices should lack impetus to rise today. SHFE 1507 nickel contract prices fell RMB 1,450/mt Tuesday evening. Spot nickel prices in Shanghai will move between RMB 105,000-110,000/mt today.