SHANGHAI, Jul. 21 (SMM) – LME nickel prices opened at USD 11,500/mt, then fluctuated between the 5 and 10-day moving average. As gold price tumbled, LME nickel price dipped to as low as USD 11,500/mt, but returned to USD 11,500/mt in the afternoon.
During European and US trading session, LME nickel prices stabilized then surged to as high as USD 11,730/mt, and closed at USD 11,695/mt, up 2.23%. Trading volumes increased 101 lots to 4,632 lots, and total positions grew 1,525 to 217,490. LME nickel inventories were down 180 mt to 453,306 mt.
LME nickel prices will likely fall today. SHFE 1509 nickel contract prices gained RMB 1,460/mt Monday evening, and should hover between RMB 84,500-87,000/mt today. Spot nickel prices in Shanghai will remain steady between RMB 85,500-87,000/mt.