SHANGHAI, May 25(SMM) – US April CPI was in line with market expectations, allowing the US dollar index to rebound and weighing on base metals prices. LME nickel prices opened at USD 13,030/mt last Friday, then dropped but rallied to USD 13,000/mt. During European and US trading session, LME nickel inventories grew 8,922 mt, pushing down LME nickel prices to as low as USD 12,680/mt, and closed at USD 12,755/mt, down 2.11%. Trading volumes decreased 6,017 lots to 7,178 lots, and total positions grew 7,178 to 225,433. LME nickel inventories were up 8,922 mt to 455,790 mt.
The LME market will be closed today. SHFE 1507 nickel contract prices rose RMB 150/mt last Friday evening. Spot nickel prices in Shanghai will move between RMB 96,000-100,000/mt today.