SHANGHAI, Aug. 27 (SMM) –LME nickel prices opened at USD 9,565/mt on Wednesday, then touched as high as USD 9,665/mt with China’s rebounding A-share market. However, LME nickel prices returned to a downtrend during European and US trading session, and dipped to as low as USD 9,350/mt, and closed at USD 9,535/mt, down 0.31%. Trading volumes decreased 1,916 lots to 6,058 lots, and total positions fell 568 to 223,359. LME nickel inventories grew 528 to 454,380 mt.
LME nickel prices are expected to level out today. SHFE 1601 nickel contract prices fell RMB 690/mt Wednesday evening, and should move between RMB 74,000-75,500/mt today. Spot nickel prices in Shanghai are expected to fall slightly.