SHANGHAI, Jun.25 (SMM) – LME nickel prices opened at USD 12,795/mt Wednesday, then rose and fluctuated above the 5-day moving average. As the US dollar index dropped, LME nickel prices rose further and touched as high as USD 12,965/mt, but fell back on the entry of shorts, dipping to as low as USD 12,715/mt and closing at USD 12,740/mt, down 0.86%. Trading volumes decreased 1,756 lots to 4,815 lots, and total positions grew 247 to 226,021. LME nickel inventories were up 750 mt to 459,438 mt.
LME nickel prices are expected to remain weak today. SHFE 1509 nickel contract prices dropped RMB 250/mt overnight, and will fluctuate between RMB 95,000-96,500/mt. Spot nickel prices in Shanghai will fall to RMB 93,500-95,000/mt today.