SHANGHAI, Aug. 5 (SMM) – LME nickel prices opened at USD 10,720/mt, then fluctuated between USD 10,700-10,800/mt. As the US dollar index fell in the afternoon, LME nickel prices pulled up and touched the 5-day moving average at one point, touching as high as RMB 10,970/mt, but lacked ability to rise further and closed at USD 10,840/mt, up 0.74%. Trading volumes decreased 1,785 lots to 5,517 lots, and total positions grew 2,472 to 222,486. LME nickel inventories were down 912 mt to 457,926 mt.
China’s stabilizing financial markets will help base metals move steadily. But a rising US dollar will weigh on base metals. LME nickel prices are expected to consolidate today. SHFE 1509 nickel contract prices rose RMB 790/mt Tuesday evening, and should move between RMB 80,000-82,000/mt today. Spot nickel prices in Shanghai will fall to RMB 80,000-81,600/mt.