SHANGHAI, Sept. 16 (SMM) –LME nickel prices opened at USD 9,905/mt Tuesday, and leapt to USD 9,975/mt. In the afternoon, LME zinc prices dropped to as low as USD 9,760/mt, but rebounded later on, and closing at USD 10,055/mt, up 1.51%. Trading volumes increased 1,414 lots to 8,004 lots, and total positions decreased 165 to 23,850. LME nickel inventories fell 534 to 447,786 mt.
LME nickel prices are expected to move sideways today. SHFE 1601 nickel contract prices will hover between RMB 76,500-78,500/mt today. Spot nickel prices in Shanghai are expected to rebound to RMB 75,600-77,000/mt.