SHANGHAI, Aug. 10 (SMM) – US non-farm employment fell a touch short of market expectations, but staying high, leaving the US dollar high. China’s July CPI increased while PPI fell.
LME nickel prices opened at USD 10,835/mt, then fell to USD 10,780-10,830/mt. During European and US trading session, LME nickel prices strengthened, but fell back at the end of the trading, and closed at USD 10,800/mt, down 0.41%. Trading volumes increased 1,278 lots to 5,610 lots, and total positions grew 531 to 226,239. LME nickel inventories fell 1,812 to 456,678 mt.
LME nickel prices are expected to dip to a low today. SHFE 1509 nickel contract prices rose RMB 220/mt last Friday evening, and should move between RMB 80,000-82,000/mt today. Spot nickel prices in Shanghai will move between RMB 79,900-80,800/mt.