SHANGHAI, Jun.12 (SMM) – China’s economic indicators released yesterday were mixed. Value added at China’s industrials rose 6.1% YoY, slightly higher than market expectations. Home sales improved in May, and informal financing, M2 supply and new RMB loans all increased in May. But ongoing Greek crisis weighed down the euro, while upbeat economic indicators from the US allowed the US dollar index to rebound, pushing down base metals prices. LME nickel prices opened at USD 13,510/mt on Thursday, then climbed and touched as high as USD 13,560/mt. In the afternoon, LME nickel prices inched below USD 13,500/mt, and fell more sharply on rising US dollar index, though rebounded at one point. As news concerning Greek debt negotiation was released, LME nickel prices plunged then leveled out, closing at USD 13,330/mt, down 1.48%. Trading volumes decreased 1,302 lots to 5,392 lots, and total positions increased 965 to 245,645. LME nickel inventories were down 1,320 mt to 465,690 mt.
LME nickel prices are expected to fall further today. SHFE 1507 nickel contract prices dropped RMB 1,710/mt Wednesday evening. Spot nickel prices in Shanghai will edge down to RMB 99,200-100,500/mt today.