SHANGHAI, Aug. 21 (SMM) –LME nickel prices opened at USD 10,420/mt, and fell to as low as RMB 10,295/mt, but clawed back early losses in the afternoon. During European and US trading session, LME zinc prices rebounded above the 5-day moving average, but erased gains later and closed at USD 10,335/mt, down 0.96%. Trading volumes increased 1,420 lots to 5,796 lots, and total positions declined 963 to 225,493. LME nickel inventories fell 276 to 455,892 mt.
LME nickel prices are expected to rise today. SHFE 1601 nickel contract prices rose RMB 120/mt Tuesday evening, and should move between RMB 81,000-81,800/mt today. Spot nickel prices in Shanghai will hover between RMB 79,500-81,000/mt.