SHANGHAI, Jul. 27 (SMM) – LME nickel prices opened at USD 11,350/mt, then slumped and dipped to as low as USD 11,195/mt, but rallied later on and moved between USD 11,240-11,330/mt. During European and US trading session, LME nickel prices consolidated but rebounded early in the morning at China time, and closed at USD 11,340/mt, down 0.7%. Trading volumes decreased 535 lots to 4,706 lots, and total positions increased 896 to 216,103. LME nickel inventories were down 408 mt to 453,330 mt.
LME nickel prices are expected to remain range-bound today. SHFE 1509 nickel contract prices rose RMB 470/mt last Friday evening, and should hover between RMB 82,500-84,500/mt today. Spot nickel prices in Shanghai will inch down to RMB 83,500-85,000/mt.