SHANGHAI, Aug. 26 (SMM) –LME nickel prices opened at USD 9,500/mt on Tuesday, then touched as high as USD 9,645/mt. But with China’s plummeting A-share market, LME nickel prices returned to a downtrend in the afternoon, dipping to as low as USD 9,310/mt.
During European and US trading session, LME nickel prices staged reversal after the PBOC announced cut in interest rate and deposit reserve ratio, touching as high as USD 9,750/mt, and closing at USD 9,565/mt, up 0.47%. Trading volumes decreased 4,400 lots to 7,974 lots, and total positions fell 1,535 to 223,927. LME nickel inventories fell 1,200 to 453,852 mt.
LME nickel prices are expected to inch lower today. SHFE 1601 nickel contract prices rose RMB 710/mt Tuesday evening, and should move between RMB 74,200-76,500/mt today. Spot nickel prices in Shanghai will rise to RMB 74,300-75,500/mt.