SHANGHAI, Sept. 2 (SMM) –LME nickel prices opened at USD 9,875/mt Tuesday, then rallied. In the afternoon, LME nickel prices slumped to as low as USD 9,735/mt. During European and US trading session, LME nickel prices pulled up slightly, but tumbled later and closed at USD 9,740/mt, down 3.18%. Trading volumes decreased 1,973 lots to 7,488 lots, and total positions grew 1,211 to 223,193. LME nickel inventories fell 1,272 to 453,894 mt.
LME nickel prices are expected to move sideways today. SHFE 1601 nickel contract prices dropped RMB 820/mt Tuesday evening, and will move between RMB 75,000-76,500/mt today. Spot nickel prices in Shanghai are expected to fall to RMB 73,500-75,500/mt.