SHANGHAI, Aug. 7 (SMM) – LME nickel prices opened at USD 10,835/mt, then rose to as high as USD 10,930/mt. In the afternoon, LME nickel prices erased some gains. During European and US trading session, LME nickel prices climbed and touched as high as USD 10,980/mt, but rolled back all early gains at the end of trading, and closing at USD 10,845/mt, up 0.23%. Trading volumes decreased 1,591 lots to 4,332 lots, and total positions grew 1,931 to 225,708. LME nickel inventories grew 564 to 458,490 mt.
LME nickel prices are expected to move sideways today. SHFE 1509 nickel contract prices fell RMB 480/mt Thursday evening, and should move between RMB 80,000-81,500/mt today. Spot nickel prices in Shanghai will hold stable at RMB 80,200-81,400/mt.