SHANGHAI, May 27(SMM) – Major economic indicators from the US released yesterday were upbeat, boosting the US dollar index and weighing down base metals prices. LME nickel prices opened at USD 12,950/mt Tuesday, then rose to touch USD 13,005/mt, but dived in the afternoon. During European and US trading session, LME nickel inventories grew 8,010 mt to 463,800 mt, pushing down LME nickel prices to as low as USD 12,600/mt, and closed at USD 12,715/mt, down 0.31%. Trading volumes increased 131 lots to 7,309 lots, and total positions grew 109 to 225,542. LME nickel inventories were up 8,010 mt to 463,800 mt.
LME nickel prices are expected to remain steady today. SHFE 1507 nickel contract prices rose RMB 340/mt Tuesday evening. Spot nickel prices in Shanghai will move between RMB 95,000-100,000/mt today.