SHANGHAI, May 29(SMM) – LME nickel prices opened at USD 12,890/mt Thursday, then rose to touch USD 13,030/mt. During European and US trading session, LME nickel prices tumbled, then rallied some, but dropped with SHFE nickel prices again, and closed at USD 12,795/mt, down 0.58%. Trading volumes increased 281 lots to 6,014 lots, and total positions grew 3,346 to 229,138. LME nickel inventories were down 1,014 mt to 464,610 mt.
LME nickel prices are expected to fluctuate narrowly today. SHFE 1507 nickel contract prices dropped RMB 770/mt Thursday evening. Spot nickel prices in Shanghai will move between RMB 95,000-100,000/mt today.