SHANGHAI, Jul. 20 (SMM) – The US dollar index continued to rise on easing Greek tension, weighing down base metals.
LME nickel prices opened at USD 11,540/mt, then fluctuated between USD 11,480-11,580/mt. During European and US trading session, LME nickel prices plunged to as low as USD 11,410/mt, then rebounded to USD 11,500/mt, and closed at USD 11,440/mt, down 1.21%. Trading volumes decreased 510 lots to 4,531 lots, and total positions grew 1,524 to 218,432. LME nickel inventories were up 636 mt to 453,486 mt.
LME nickel prices will remain range-bound today. SHFE 1509 nickel contract prices declined RMB 360/mt last Friday night, and should hover between RMB 83,800-85,800/mt today. Spot nickel prices in Shanghai will remain steady between RMB 84,200-86,200/mt.