SHANGHAI, Sept. 22 (SMM) – LME nickel prices opened at USD 9,700/mt Monday, and rebounded in the afternoon as the Shanghai Composite Index stabilized, touching as high as USD 9,935/mt, then fluctuating between USD 9,700-9,900/mt. Finally, LME nickel prices closed at USD 9,835/mt, up 1.39%. Trading volumes decreased 1,492 lots to 8,587 lots, and total positions increased 6,597 to 242,300. LME nickel inventories grew 1,122 to 454,122 mt.
LME nickel prices are expected to consolidate today. SHFE 1601 nickel contract prices will hover between RMB 76,800-78,000/mt today. Spot nickel prices in Shanghai are expected to hold stable.