SMM Nickel Market Morning Review (2015-6-19)

SHANGHAI, Jun.19 (SMM) – The negotiation on Greek debt issue broke down. US major economic indicators were upbeat, but the US dollar index remained weak.
LME nickel prices opened at USD 12,810/mt on Thursday, then touched a high USD 12,935/mt. As a large number of shorts entered the market, LME nickel prices inched down, and fell to USD 12,670/mt, and closed at USD 12,715/mt, down 0.66%. Trading volumes decreased 60 lots to 4,628 lots, and total positions fell 2,523 to 229,729. LME nickel inventories were down 564 mt to 459,198 mt.

LME nickel prices are expected to fluctuate weakly today. SHFE 1509 nickel contract prices fell RMB 580/mt Thursday evening and will edged up to RMB 94,000-96,500/mt. Spot nickel prices in Shanghai will drop to RMB 93,500-95,800/mt today.