SHANGHAI. Jan. 21(SMM) -- On Tuesday night, LME nickel prices received support at the lowest level of USD 18,675/mt and closed at USD 19,350/mt. Prices rebounded robustly due to reduced inventories, but faced relatively great pressure to climb further after advancing to high levels. On Wednesday, LME nickel prices experienced a weak performance, falling all the way from USD 19,350/mt to USD 19,000/mt, and tested a new line at USD 18,950/mt. LME nickel prices will experience corrections.
In the Shanghai nickel market, Jinchuan Group raised ex-works nickel prices by RMB 4,000/mt to RMB 145,000/mt, and distributors told that price increases by Jinchuan Group was strong supported by its relatively low inventories. Traded prices of imported nickel were in the RMB 143,000-144,000/mt range, and traded prices of nickel from Jinchuan Group were in the RMB 144,000-144,500/mt range. Traded prices were relatively higher in the morning session, but gradually declined in the afternoon along with price declines in the electronic trading. Supply of goods was ample in the market and some cargo-holders began to move goods gradually. The overall trading sentiment was moderate with slightly less trading volumes from the previous day.
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