SMM Nickel Market Morning Review (2015-9-23)

SHANGHAI, Sept. 23 (SMM) – LME nickel prices opened at USD 9,895/mt Tuesday, and fell below the 5-day moving average, then rebounded to USD 9,875/mt. During European and US trading, LME nickel prices dropped to USD 9,600/mt, and closed at USD 9,650/mt, down 1.88%. Trading volumes decreased 1,621 lots to 6,966 lots, and total positions decreased 1,471 to 240,829. LME nickel inventories fell 1,428 to 452,694 mt.

LME nickel prices are expected to fall slightly today. SHFE 1601 nickel contract prices will hover between RMB 75,500-77,000/mt today. Spot nickel prices in Shanghai are expected to fall to RMB 73,600-74,800/mt.