SMM Nickel Market Morning Review (2015-5-19)

SHANGHAI, May 19(SMM) – Greek crisis plagued the market, weighing down the euro and sending up the US dollar index. LME nickel prices opened at USD 13,855/mt Monday, then dropped to as low as USD 13,795/mt. During European and US trading session, LME nickel prices surged to USD 13,950/mt, but fell USD 200/mt again and closed at USD 13,710/mt, down 1.12%. Trading volumes decreased 1,032 lots to 3,963 lots, and total positions fell 2,928 to 230,493. LME nickel inventories were down 702 mt to 443,622 mt.

LME nickel prices should remain steady today. SHFE 1507 nickel contract prices declined RMB 160/mt Monday evening. Spot nickel prices in Shanghai will move between RMB 101,000-105,500/mt today.