SHANGHAI, Jun.18 (SMM) – The Fed announced it will leave interest rate unchanged, pushing down the US dollar index. LME nickel prices opened at USD 12,665/mt on Wednesday, then technically rose, but fell brieftly later on. However, a falling US dollar index allowed LME nickel prices to climb again, touching as high as USD 12,915/mt, then hovering around USD 12,800/mt, and closing at USD 12,800/mt, up 0.87%.
Trading volumes decreased 444 lots to 4688 lots, and total positions fell 10,752 to 232,252. LME nickel inventories were down 1,806 mt to 459,762 mt.
LME nickel prices are expected to rise slightly today. SHFE 1509 nickel contract prices increased RMB 670/mt Wednesday evening and will edged up to RMB 95,000-97,500/mt. Spot nickel prices in Shanghai will inch up to RMB 94,000-97,000/mt today.