SHANGHAI, Jul. 23 (SMM) – LME nickel prices opened at USD 11,680/mt, then touched the 20-day moving average but fell back later on, dipping below the 5 and 10-day moving average and falling to as low as USD 11,445/mt. During European and US trading session, LME nickel prices rebounded initially, then fell back below the 10-day moving average, and closed at USD 11,455/mt, down 1.8%. Trading volumes increased 686 lots to 6,346 lots, and total positions decreased 766 to 216,564. LME nickel inventories were up 222 mt to 453,804 mt.
LME nickel prices are expected to fall further today. SHFE 1509 nickel contract prices slumped RMB 1,800/mt Wednesday evening, and should hover between RMB 83,500-85,500/mt today. Spot nickel prices in Shanghai will inch down to RMB 84,000-85,800/mt.