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Shanghai Metals Market reported that after rising to a high of US$15,600 per metric ton (MT), LME nickel closed yesterday at $15,151 per MT, a rise of 322 MT from the previous day.
Shanghai Metals Market reported that after rising to a high of US$15,600 per metric ton (MT), LME nickel closed yesterday at $15,151 per MT, a rise of 322 MT from the previous day.
As quoted in the market news:
LME nickel prices overnight opened at USD 14,923/mt. LME nickel prices fluctuated significantly during Asian trading hours, only surging by USD 530/mt in a merely a few seconds, but plunging by USD 350/mt rapidly. The fluctuations of nickel prices were unlikely a result of economic data released yesterday.
LME nickel prices maintained early gains and finally closed at USD 15,151/mt, up USD 322/mt. Some market players believe the sharply increases in nickel prices were attributable to the rumors that the SRB will purchase nickel reserves. But SMM confirmed the SRB has not purchase any nickel reserves yet, and the volume will likely fall far short of 30,000 mt.
Click here to read the full Shanghai Metals Market report.