SHANGHAI, Jun.3 (SMM) – The market lacked solid macroeconomic news yesterday. LME nickel prices opened at USD 12,910/mt on Tuesday, then surged to USD 13,000/mt. But during European and US trading session, LME nickel prices rolled back early gains and fell to as low as USD 12,825/mt, but rebounded to USD 13,125/mt later the day, though fell later on and closed at USD 13,005/mt, up 2.9%. Trading volumes decreased 231 lots to 6,223 lots, and total positions increased 1,363 to 231,873. LME nickel inventories were down 48 mt to 465,516 mt.
LME nickel prices are expected to remain range-bound today. SHFE 1507 nickel contract prices rose RMB 1,400/mt Tuesday evening. Spot nickel prices in Shanghai will move between RMB 95,000-100,500/mt today.