SHANGHAI, Aug. 4 (SMM) – Caixin’s final July PMI for China dropped. Greek stocks market tumbled after opening. US economic indicators released overnight also fell short of market expectations. Crude oil prices plunged by 4%, weighing on base metals.
LME nickel prices opened at USD 11,085/mt, then fell all the way down. As of 5: 30 pm, LME nickel prices dipped to USD 10,660/mt, down as much as RMB 395/mt, and closed at USD 10,760/mt, down 2.76%. Trading volumes increased 213 lots to 7,302 lots, and total positions grew 3,031 to 220,014. LME nickel inventories were down 1,260 mt to 458,838 mt.
China is expected to release additional stimulus measures to support the stock market. LME nickel prices are expected to consolidate today. SHFE 1509 nickel contract prices fell RMB 1,290/mt last Friday evening, and should move between RMB 79,000-81,500/mt today. Spot nickel prices in Shanghai will fall to RMB 80,000-81,600/mt.