SHANGHAI, Sept. 11 (SMM) –LME nickel prices opened at USD 9,965/mt on Thursday, and raced up above the 20-day moving average. During European and US trading session, LME nickel prices extended gains and soared to USD 10,475/mt, and closed at USD 10,385/mt, up 3.85%. Trading volumes increased 3,401 lots to 9,102 lots, and total positions increased 1,008 to 225,626. LME nickel inventories fell 1,362 to 449,682 mt.
LME nickel prices are expected to surge then fall back today. SHFE 1601 nickel contract prices will surged to RMB 80,000/mt today. Spot nickel prices in Shanghai are expected to rise to RMB 76,800-78,400/mt.