SHANGHAI, Aug. 6 (SMM) – The US dollar index surged then fell back on mixed economic indicators from the US, but stayed relatively high.
LME nickel prices opened at USD 10,830/mt, then rose but fell back. In the afternoon, LME nickel prices surged to the 5-day moving average at one point. During European and US trading session, LME nickel prices touched as high as USD 10,975/mt, but plunged at the end of trading, erasing all early gains and closing at USD 10,820/mt, down 0.18%. Trading volumes increased 406 lots to 5,923 lots, and total positions grew 1,291 to 223,777. LME nickel inventories remained flat at 457,926 mt.
LME nickel prices are expected to inch up today. SHFE 1509 nickel contract prices fell RMB 180/mt Wednesday evening, and should move between RMB 80,500-82,500/mt today. Spot nickel prices in Shanghai will hold stable at RMB 80,000-81,400/mt.
