SHANGHAI, Jul. 19 (SMM) -- LME nickel for delivery in three months opened at USD 24,050/mt and closed at USD 24,150/mt last Friday, up by USD 75/mt from a day earlier, with the highest price at USD 24,499/mt and the lowest price at USD 23,940/mt.On Monday, LME base metal prices advanced slightly to USD 24,215/mt after opening at USD 24,100/mt, but began to slip later. As of 17:30, LME nickel prices hit a low of USD 23,799/mt. Stronger US dollar weighed on base metal prices, and sustainability at USD 24,000/mt shall be tested. LME nickel inventories were down by 840 mt to 102,354 mt.
In the Shanghai nickel spot market, trading sentiment was lackluster due to decline in LME nickel prices. Mainstream traded prices of nickel from Jinchuan Group were in the RMB 174,500-175,000/mt range, and mainstream traded prices of nickel from Russia were in the RMB 174,000-174,500/mt range. Supply of goods was relatively limited, so some cargo-holders were reluctant to move goods. Transactions were moderate, with deals largely done among traders and few among downstream consumers.
Based on result of a recent SMM survey, more than 50% market players were pessimistic towards LME nickel price outlook, given the mixed economic news and soft downstream demand in domestic market. Approximately 30% market players believe that LME nickel prices will continue to rebound from technical support this week. Only a small portion of market players believe LME nickel prices will be neutral this week.