SHANGHAI, Aug. 18 (SMM) – LME nickel prices opened at USD 10,705/mt, then plunged below the 5-day moving average. During European and US trading session, LME nickel prices gained ground and fluctuated around USD 10,600/mt, and closed at USD 10,580/mt, up 0.05%. Trading volumes increased 1,480 lots to 4,188 lots, and total positions added 2,506 to 235,534. LME nickel inventories grew 492 to 454,818 mt.
LME nickel prices are expected to fall further today. SHFE 1601 nickel contract prices dropped RMB 80/mt Monday evening, and should move between RMB 81,500-82,000/mt today. Spot nickel prices in Shanghai will fall to RMB 80,800-82,000/mt.