SHANGHAI, Jul. 10 (SMM) – China’s A-share market surged on stimulus measures from China, boosting market confidence. Greece submitted a proposal of economic reform to eurozone officials, which it pledged to put into force next week. Meanwhile, EU senior officials appealed debt write down in a certain form.
LME nickel prices opened at USD 10,825/mt, and touched as high as USD 11,520/mt at one point, fluctuating between USD 11,200-11,300/mt, and closing at USD 11,450/mt, up 5.05%. Trading volumes decreased 2,118 lots to 12,737 lots, and total positions grew 1,518 to 224,717. LME nickel inventories were up 504 mt to 457,248 mt.
LME nickel prices are expected to stabilize today. SHFE 1509 nickel contract prices surged RMB 4,050/mt last night, and should move between RMB 84,000-85,170/mt today. Spot nickel prices in Shanghai will rise to RMB 84,300-86,000/mt.