SHANGHAI, Aug. 14 (SMM) – LME nickel prices opened at USD 10,670/mt, and dipped to USD 10,485/mt. LME nickel prices rebounded in the afternoon, touching as high as USD 10,720/mt.
During European and US trading session, LME nickel prices dropped back and closed at USD 10,450/mt, down 1.42%. Trading volumes decreased 6,247 lots to 4,729 lots, and total positions added 622 to 229,695. LME nickel inventories fell 60 to 454,350 mt.
LME nickel prices are expected to remain low today. SHFE 1509 nickel contract prices fell RMB 1,010/mt Thursday evening. SHFE 1601 nickel contracts became the most actively traded contracts, and should fall to RMB 81,000-82,500/mt today. Spot nickel prices in Shanghai will inch lower to RMB 80,800-82,100/mt.