SHANGHAI, Jun.4 (SMM) – HSBC’s service PMI for China in May was 53.5, expanding for the fourth consecutive months and hitting an 8-month high. HSBC’s PMI for China in May slowed for the second straight month to 51.2, down from April’s 51.3. Eurozone economic data were mixed. ADP’s new employment grew most significantly for the year, while April trade deficit declined sharply, with exports hitting a record high. The chance is slight that the Fed will raise interest rate in June. LME nickel prices opened at USD 13,045/mt on Wednesday, then edged up but dropped back to as low as USD 12,895/mt. But due to plummeting US dollar index, LME nickel prices rolled back early gains and fell to close at USD 12,940/mt, down 0.5%. Trading volumes decreased 1,872 lots to 4,351 lots, and total positions increased 1,628 to 233,501. LME nickel inventories were up 4,602 mt to 470,118 mt.
LME nickel prices are expected to remain range-bound today. SHFE 1507 nickel contract prices fell RMB 980/mt Wednesday evening. Spot nickel prices in Shanghai will move between RMB 95,000-99,800/mt today.