SHANGHAI, Jul. 17 (SMM) – LME nickel prices opened at USD 11,495/mt, and fell below the 5- and 10-day moving average, dipping to as low as USD 11,345/mt. During European and US trading session, LME nickel prices edged up and touched USD 11,680/mt, but then fell back and closed at USD 11,580/mt, up 1.05%. Trading volumes decreased 3,148 lots to 5,041 lots, and total positions grew 1,523 to 218,652. LME nickel inventories were down 630 mt to 452,850 mt.
LME nickel prices will remain range-bound today. SHFE 1509 nickel contract prices declined RMB 200/mt last night, and should hover between RMB 83,500-86,000/mt today. Spot nickel prices in Shanghai will remain steady between RMB 84,500-86,500/mt.