SHANGHAI, Aug. 19 (SMM) – The plunge in China’s A-share market caused selloffs in base metals market. LME nickel prices opened at USD 10,580/mt, then moved around the 5-day moving average. In the afternoon, LME zinc prices slumped with LME nickel prices, dipping to as low as USD 10,300/mt, and closed at USD 10,350/mt, down 2.63%. Trading volumes increased 1,731 lots to 5,919 lots, and total positions declined 1,701 to 233,833. LME nickel inventories grew 156 to 454,974 mt.
LME nickel prices are expected to level out today. SHFE 1601 nickel contract prices dropped RMB 1,080/mt Monday evening, and should fall to RMB 80,500-81,700/mt today. Spot nickel prices in Shanghai will fall to RMB 79,800-80,700/mt.