SHANGHAI, Sept. 7 (SMM) –LME nickel prices opened at USD 9,990/mt last Friday, then fell all the day, and plunged to as low as USD 9,715/mt, but rebounded above the 10-day moving average, and closed at USD 9,890/mt, down 0.55%. Trading volumes decreased 1,024 lots to 5,075 lots, and total positions decreased 1,583 to 222,372. LME nickel inventories fell 48 to 453,630 mt.
LME nickel prices are expected to fall below the 5-day moving average today. SHFE 1601 nickel contract prices will move between RMB 76,000-77,500/mt today. Spot nickel prices in Shanghai are expected to rebound slightly.