SHANGHAI, Aug. 28 (SMM) –LME nickel prices opened at USD 9,555/mt on Thursday, then touched the 5-day moving average. As China’s rebounding A-share market rebounded in the afternoon, LME nickel prices gained ground and touched as high as USD 9,830/mt during European and US trading session, and closed at USD 10,030/mt, up 5.19%. Trading volumes increased 2,997 lots to 9,055 lots, and total positions fell 214 to 223,145. LME nickel inventories grew 312 to 454,692 mt.
SHFE 1601 nickel contract prices soared RMB 3,510/mt Thursday evening, and should move between RMB 77,000-79,000/mt today. Spot nickel prices in Shanghai are expected to rise to RMB 77,000-78,100/mt.