SHANGHAI, May 15(SMM) – US April PPI was down 0.4% MoM, compared to a 0.1% increase expected, weighing down the US dollar index. LME nickel prices opened at USD 14,000/mt, then inched down, though prices rebounded, they dropped again to as low as USD 13,765/mt, and closed at USD 13,830/mt, down 1.21%. Trading volumes increased 243 lots to 5,523 lots, and total positions fell 1,179 to 235,068. LME nickel inventories were up 2,310 mt to 443,352 mt.
LME nickel prices should remain low today. SHFE 1507 nickel contract prices declined RMB 340/mt Thursday evening. Spot nickel prices in Shanghai will move between RMB 101,500-105,500/mt today.