SHANGHAI, Jul. 29 (SMM) – Conference Board’s July CCI in the US and the S&P/Case-Shiller 20-City Home Price Index both fell short of market expectations, with the US dollar index falling further.
LME nickel prices opened at USD 11,000/mt, then edged up. With China’s plunging A-share market, LME zinc prices fell at one point, but climbed again during European and US trading session, touching as high as USD 11,345/mt, but fell below the 5-day moving average at the end of trading, and closed at USD 11,280/mt, up 2.73%. Trading volumes decreased 549 lots to 5,581 lots, and total positions decreased 1,088 to 214,750. LME nickel inventories were down 834 mt to 452,580 mt.
LME nickel prices are expected to fluctuate around the 5-day moving average today. SHFE 1509 nickel contract prices rose RMB 1,500/mt Tuesday evening, and should hover between RMB 82,500-84,500/mt today. Spot nickel prices in Shanghai will rebound to RMB 83,200-84,800/mt.