SHANGHAI, Jun.11 (SMM) – A falling US dollar index bolstered base metals prices. LME nickel prices opened at USD 13,380/mt on Wednesday, then climbed on the weakening US dollar index and touched as high as USD 13,680/mt during European and US trading hours, but fell back on the weak market fundamentals and closed at USD 13,530/mt, up 1.2%. Trading volumes increased 156 lots to 6,694 lots, and total positions increased 1,385 to 244,680. LME nickel inventories were down 894 mt to 467,010 mt.
LME nickel prices are expected to fall slightly today. SHFE 1507 nickel contract prices rose RMB 150/mt Wednesday evening. Spot nickel prices in Shanghai will move between RMB 100,500-102,000/mt today.