SHANGHAI, May 21(SMM) – The Fed may not raise interest rate in June, weighing on the US dollar index and boosting base metals prices. HSBC’s May PMI was 49.3. LME nickel prices opened at USD 12,970/mt Wednesday, then dropped to USD 12,785/mt. During European and US trading session, LME nickel prices rallied to USD 13,000/mt, and closed at USD 13,080/mt, up 1%. Trading volumes decreased 2,640 lots to 5,998 lots, and total positions fell 7,106 to 221,513. LME nickel inventories were up 1,704 mt to 446,640 mt.
LME nickel prices should remain range-bound today. SHFE 1507 nickel contract prices declined RMB 2,260/mt Wednesday evening. Spot nickel prices in
Shanghai will move between RMB 95,000-100,000/mt today.