SHANGHAI, Jun.17 (SMM) – LME nickel prices opened at USD 12,945/mt on Tuesday, then dropped and rebounded slightly later. Base metals prices dropped mostly at noon, with LME nickel prices tumbling nearly USD 200/mt. During European and US trading hours, LME nickel prices fluctuated around USD 12,750/mt, then plunged again and closed at USD 12,690/mt, down 1.93%. Trading volumes decreased 283 lots to 5,132 lots, and total positions fell 4,936 to 243,004. LME nickel inventories were down 2,998 mt to 461,568 mt.
LME nickel prices will fall but find support from USD 12,500/mt today. SHFE 1509 nickel contract prices dropped RMB 330/mt Tuesday evening and will fluctuate between RMB 94,000-96,500/mt. Spot nickel prices in Shanghai will edge down to RMB 93,000-96,000/mt today.