SHANGHAI, Jul. 28 (SMM) – Profit at China’s large industrials decreased 0.3% YoY. US durable goods orders in June, however, rose 3.4% MoM, topping market expectations. But the US dollar index continued to fall.
LME nickel prices opened at USD 11,305/mt, then hovered between USD 11,250-11,350/mt. China’s A-share market plunged 8.48%, growing shorts in the market. This pushed down LME nickel prices. During European and US trading session, LME nickel prices fell below USD 11,100/mt, and dipped to USD 10,905/mt, and closed at USD 10,980/mt, down 3.17%. Trading volumes increased 1,424 lots to 6,130 lots, and total positions decreased 265 to 215,838. LME nickel inventories were up 84 mt to 453,414 mt.
LME nickel prices are expected to rise slightly today with the release of a series of stimulus measures. SHFE 1509 nickel contract prices rose RMB 1,910/mt Monday evening, and should hover between RMB 81,500-82,500/mt today. Spot nickel prices in Shanghai will inch down to RMB 81,000-82,500/mt.