SHANGHAI, Jul. 9 (SMM) – China pushed additional stimulus measures. LME nickel prices opened at USD 10,785/mt, and plummeted to a record low of USD 10,430/mt at one point. But during European and US trading session, LME nickel price rebounded to USD 11,070/mt, and closed at USD 10,900/mt, up 1.21%. Trading volumes increased 1,414 lots to 14,855 lots, and total positions grew 1,517 to 222,386. LME nickel inventories were up 1,230 mt to 456,744 mt.
China’s PPI and CPI will be announced this morning. Commodity prices are expected to rise thanks to China’s stimulus measures. LME nickel prices are expected to level out today. SHFE 1509 nickel contract prices dropped RMB 1,500/mt last night, and should move between RMB 81,000-83,000/mt. Spot nickel prices in Shanghai will plunge to RMB 80,000-82,000/mt.