SHANGHAI, Sept. 8 (SMM) –LME nickel prices opened at USD 9,925/mt on Monday, then fell below the 10-day moving average, but rebounded above the 5-day moving average later on. During European and US trading session, LME nickel prices dropped to as low as USD 9,700/mt, and closed at USD 9,705/mt, down 1.87%. Trading volumes decreased 1,540 lots to 3,535 lots, and total positions increased 3,370 to 225,742. LME nickel inventories fell 1,668 to 451,962 mt.
LME nickel prices are expected to fluctuate weakly today. SHFE 1601 nickel contract prices will move between RMB 75,500-76,500/mt today. Spot nickel prices in Shanghai are expected to fall to RMB 74,200-75,500/mt.