SHANGHAI, Sept. 17 (SMM) –LME nickel prices opened at USD 10,045/mt Wednesday, then fell to the 20-day moving average. As the Shanghai Composite Index posted sharp gains in the afternoon, LME nickel returned to USD 10,000/mt. During European and US trading session, LME nickel prices surged to USD 10,290/mt, and closed at USD 10,050/mt, down 0.05%. Trading volumes decreased 1,894 lots to 6,110 lots, and total positions decreased 4,901 to 233,600. LME nickel inventories grew 1,386 to 449,172 mt.
LME nickel prices are expected to move sideways today. SHFE 1601 nickel contract prices will hover between RMB 78,000-79,500/mt today. Spot nickel prices in Shanghai are expected to hold stable.