SHANGHAI, Jan. 20 (SMM) -- On Monday night, LME nickel prices rebounded on upward track. LME nickel prices touched the lowest level at USD 18,450/mt and broke through USD 18,880/mt, with prices closing at USD 18,895/mt.On Tuesday, LME nickel prices experienced strong performance with prices testing levels above USD 19,000/mt. Technical indicators showed signs of rebound but trading volumes declined to some extend, so close attention should be paid to the rebound momentum of LME nickel prices.
In the Shanghai nickel market, nickel prices rose by RMB 1,500/mt due to support of rising LME nickel prices. Traded prices of imported nickel were in the RMB 142,000-142,500/mt range, and traded prices of nickel from Jinchuan Group were in the RMB 143,000-143,500/mt range. With relatively more inquiries and ample supply of goods, the overall trading sentiment was brisk. Traded prices were approaching high-end prices, and transactions were brisk in the market. Some suppliers were optimistic towards future price trend and were reluctant to move goods at present. As prices continued to climb in electronic trading, wait-and-see sentiment dominated in the afternoon market.
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