SHANGHAI, Aug. 17 (SMM) – LME nickel prices opened at USD 10,455/mt, then rallied. During European and US trading session, LME nickel prices rebounded and closed at USD 10,625/mt, up 1.67%. Trading volumes decreased 2,021 lots to 2,708 lots, and total positions added 3,333 to 233,028. LME nickel inventories fell 24 to 454,326 mt.
LME nickel prices are expected to consolidate today. SHFE 1601 nickel contract prices rose RMB 50/mt last Friday evening, and should move between RMB 82,000-83,000/mt today.
Spot nickel prices in Shanghai will hold stable between RMB 81,000-82,500/mt.