LME nickel prices opened at USD 10,340/mt Monday, and fell with the Shanghai Composite Index, dipping to as low as USD 9,870/mt, and closing at USD 9,905/mt, down 3.74%. Trading volumes increased 1,971 lots to 6,590 lots, and total positions increased 8,743 to 238,666. LME nickel inventories grew 348 to 448,320 mt.
LME nickel prices are expected to edge lower today. SHFE 1601 nickel contract prices will hover between RMB 76,500-77,800/mt today. Spot nickel prices in Shanghai are expected to fall to RMB 75,000-76,500/mt.
Zhejiang Yaang Pipe Industry Co., Limited (www.yaang.com)