SHANGHAI, Nov. 3 (SMM) – LME nickel prices opened at USD 10,030/mt on Monday, then rose to RMB 10,165/mt, but rolled back early gains, and dipped to as low as USD 10,020/mt. At the end of trade, LME nickel prices surged, and closed at USD 10,145/mt, up 1.00%. Trading volumes decreased 2,792 to 4,453 lots, and total positions declined 458 to 243,034. LME nickel inventories fell 2,154 to 423,876 mt.
LME nickel should consolidate at lows today. SHFE 1601 nickel contract prices will move between RMB 76,200-77,500/mt today. Spot zinc prices in Shanghai should hold stable at RMB 75,500-76,900/mt.