SHANGHAI, Jul. 15 (SMM) – US major economic indicators released overnight fell short of market expectations. This caused market anticipations that the Fed will put off interest rate hike, pushing down the US dollar index.
LME nickel prices opened at USD 11,575/mt, and plummeted to as low as USD 11,395/mt at one point as crude oil prices tumbled after an agreement on Iran nuclear issue was reached. During European and US trading session, LME nickel prices rebounded to the 10-day moving average and inched higher to close at USD 11,605/mt, up 0.26%. Trading volumes decreased 6,118 lots to 4,700 lots, and total positions grew 1,521 to 221,996. LME nickel inventories were down 1,890 mt to 453,006 mt.
LME nickel prices will unlikely rise further today. SHFE 1509 nickel contract prices rose RMB 700/mt last night, and should fall to RMB 84,000-86,000/mt today. Spot nickel prices in Shanghai will remain stable at RMB 84,500-8,7000/mt.