SHANGHAI, Sept. 10 (SMM) –LME nickel prices opened at USD 9,965/mt on Wednesday, and raced up to USD 10,125/mt. In the afternoon, LME nickel prices retreated with the Shanghai Composite Index. During European and US trading session, LME nickel prices soared to the 20-day moving average then fall and hovered around USD 10,000/mt, and closed at USD 10,000/mt, up 0.05%. Trading volumes decreased 1,162 lots to 5,701 lots, and total positions increased 787 to 224,618. LME nickel inventories fell 312 to 451,044 mt.
LME nickel prices are expected to move between the 20 and 5-day moving average today. SHFE 1601 nickel contract prices will move between RMB 76,500-78,300/mt today. Spot nickel prices in Shanghai are expected to drop to RMB 75,300-76,500/mt.