SHANGHAI, May 28(SMM) – LME nickel prices opened at USD 12,740/mt Wednesday, then rose to touch USD 12,835/mt, but fell later on. During European and US trading session, LME nickel prices tumbled to as low as USD 12,650/mt, but then rebounded on falling US dollar index, and closed at USD 12,870/mt, up 1.22%. Trading volumes decreased 1,576 lots to 5,733 lots, and total positions grew 250 to 225,792. LME nickel inventories were up 1,824 mt to 465,624 mt.
LME nickel prices are expected to rebound but meet resistance at USD 13,000/mt today. SHFE 1507 nickel contract prices rose RMB 760/mt Tuesday evening. Spot nickel prices in Shanghai will move between RMB 96,000-101,000/mt today.