SHANGHAI, Jun.23 (SMM) – Negotiation on Greek debt issue did not produce any result. The US dollar index remained weak despite upbeat economic indicators from the US.
LME nickel prices opened at USD 12,605/mt last Friday, then fluctuated around USD 12,700/mt, then inched down during European and US trading session, but dipped to as low as USD 12430/mt later on. Finally, LME nickel prices closed at USD 12,475/mt. Trading volumes increased 160 lots to 3,919 lots, and total positions fell 3,394 to 226,069. LME nickel inventories were up 2,886 mt to 461,436 mt.
LME nickel prices are expected to fall further today. SHFE 1509 nickel contract prices will plummet to RMB 91,500-94,000/mt. Spot nickel prices in Shanghai will drop to RMB 92,000-94,500/mt today.