Pressure from the US dollar index on base metals prices abated. EIA reported Comex crude oil inventories were higher than expected, totaling 407 million bbl and hitting their highest in at least 80 years. This pushed down crude oil prices to a six-year low. LME nickel prices opened at USD 14,775/mt, then fell to USD 14,670/mt during Asian trading hours. During European trading hours, LME nickel prices surged to touch as high as USD 15,070/mt. But during US session, LME nickel prices hovered in a wider range, and closed at USD 14,950/mt, up 1.25%. Trading volumes decreased 118 to 4,273 lots, and total positions decreased 1,084 to 208,750. LME nickel inventories fell 384 to 42,372 mt.

LME nickel prices are expected to edge up today. Spot nickel prices in Shanghai will move between RMB 108,000-109,000/mt.