SHANGHAI, Jul. 1 (SMM) – Greek default increased market panic. Russian nickel became deliverable on the SHFE, and this allowed SHFE nickel prices to open at their lowest. LME nickel prices also dropped to a new low since April 2009. LME nickel prices opened at USD 11,835/mt, and dipped to RMB 10,800/mt. During European and US trading session, LME nickel prices rose to as high as USD 12,130/mt, and closed at USD 12,015/mt, up 1.82%. Trading volumes decreased 798 lots to 11,688 lots, and total positions declined 1,768 to 219,000. LME nickel inventories were down 2,580 mt to 456,438 mt.
LME nickel prices are expected to rise today. SHFE 1509 nickel contract prices climbed RMB 2,270/mt Monday evening, and will edge up to RMB 90,500-92,000/mt. Spot nickel prices in Shanghai will rise to 85,900-87,500.