SHANGHAI, Jun.16 (SMM) – LME nickel prices opened at USD 13,100/mt on Monday, then dropped below the 20-day moving average. With the entry of shorts, LME nickel prices dropped below USD 13,000/mt at one point and dipped to as low as USD 12,780 during European and US trading hours. But with plummeting US dollar index, LME nickel prices returned to USD 13,000/mt, and closed at USD 12,940/mt, down 1.41%. Trading volumes decreased 671 lots to 5,415 lots, and total positions increased 1,931 to 247,940. LME nickel inventories were down 708 mt to 464,556 mt.
LME nickel prices will not fall significantly today. SHFE 1509 nickel contract prices slipped RMB 300/mt Monday evening and will fluctuate between RMB 96,500-98,500/mt. Spot nickel prices in Shanghai will edge down to RMB 94,800-97,500/mt today.