SHANGHAI, Jul. 8 (SMM) – China’s A-share market tumbled, fueling market panic. Commodity prices fell across the board. LME nickel prices opened at USD 11,680/mt, and pointed toward the 5-day moving average at one point. But as a large number of longs left the market, LME nickel prices dropped from USD 11,700/mt to USD 11,400/mt. During European and US trading session, LME nickel price fell by daily limit, tumbling 10% and dipping to as low as USD 10,440/mt, and closed at USD 10,770/mt, down 7.51%. Trading volumes increased 5,479 lots to 13,447 lots, and total positions grew 1,516 to 218,982. LME nickel inventories were down 936 mt to 455,514 mt.
LME nickel prices are expected to fall further today. SHFE 1509 nickel contract prices dropped by daily limit last night. Spot nickel prices in Shanghai will plunge to RMB 77,500-79,900/mt.