SHANGHAI, Jan. 14 (SMM) -- On Wednesday night, LME nickel prices received support at USD17,500/mt and climbed by USD 700/mt after rebounding out of bottom. LME nickel prices were closed at USD 18,250/mt. On Thursday, LME nickel prices poised to reach 10-day moving average at USD 18,400/mt. LME nickel prices will climb and move in the range between 5-day moving average and 10-day moving average in the short term.
Shanghai nickel market was inspired by nickel price performance in LME market on Wednesday night , and offers were raised to RMB 141,500/mt. With increased supply, Jinchuan Group cut ex-works nickel prices on Wednesday. Since there was still some room for profit, traders moved goods rationally. Downstream purchasers took the opportunity to replenish stocks and transactions were brisk in the market. Prices of imported nickel also got support at RMB 141,000/mt, and price spread between domestic nickel and imported nickel narrowed closer. Recently, Shanghai/LME nickel price ratio improved to certain extend, attracting entering of imported nickel.
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