SHANGHAI, Aug. 3 (SMM) – LME nickel prices opened at USD 11,055/mt, then surged to USD 11,130/mt. However, as China’s A-share market dropped in the afternoon, LME nickel prices also plunged. US labor cost dipped to a new low in 30 years, pushing down the US dollar index, driving up LME nickel prices to close at USD 11,065/mt, up 0.55%. Trading volumes increased 305 lots to 7,089 lots, and total positions grew 477 to 216,983. LME nickel inventories were down 900 mt to 460,098 mt.
LME nickel prices are expected to fall further today. SHFE 1509 nickel contract prices added RMB 90/mt last Friday evening, and should fall to RMB 80,500-82,500/mt today. Spot nickel prices in Shanghai will fall to RMB 81,500-82,500/mt.