SHANGHAI, Jun.26 (SMM) – LME nickel prices opened at USD 12,750/mt Thursday, and rose to as high as USD 12,825/mt, but fell back down. During European and US trading session, LME nickel prices continued to fall below the 5-day moving average, dipping to as low as USD 12,580/mt, then rallied and closed at USD 12,710/mt, down 0.24%. Trading volumes increased 85 lots to 4,900 lots, and total positions declined 2,998 to 223,023. LME nickel inventories were down 1,068 mt to 458,370 mt.
LME nickel prices are expected to fluctuate widely today. SHFE 1509 nickel contract prices dropped RMB 730/mt overnight, and will fluctuate between RMB 94,000-96,000/mt. Spot nickel prices in Shanghai will fall to RMB 92,800-94,500/mt today.