SHANGHAI, Sept. 9 (SMM) –LME nickel prices opened at USD 9,735/mt on Tuesday, and tumbled in the afternoon as the Shanghai Composite Index fell. As the Shanghai Composite Index rebounded, LME nickel prices gained ground. During European and US trading session, LME nickel prices raced up and reached as high as USD 10,050/mt, and closed at USD 9,995/mt, up 2.99%. Trading volumes increased 3,328 lots to 6,863 lots, and total positions decreased 1,911 to 22,383. LME nickel inventories fell 606 to 451,356 mt.
LME nickel prices are expected to fall today. SHFE 1601 nickel contract prices will move between RMB 76,500-79,000/mt today. Spot nickel prices in Shanghai are expected to rise to RMB 75,800-77,400/mt.