SHANGHAI, Nov. 13 (SMM) – LME nickel prices opened at USD 9,645/mt on Thursday, and dropped all the way, then rallied after dipping to the 5-day moving average. LME nickel prices edged up in the afternoon, and touched USD 9,665/mt in Europe and US trade, then fell back again, slumping to a new low and closing at USD 9,390/mt, down 2.9%. Trading volumes added 2,382 to 7,666 lots, and total positions increased 2,928 to 240,875. LME nickel inventories fell 42 to 418,728 mt.
LME nickel will fall further today. SHFE 1601 nickel contract prices will hover between RMB 71,900-73,400/mt today. Spot zinc prices in Shanghai should drop to RMB 71,900-73,200/mt.