SHANGHAI, Jul. 22 (SMM) -- LME nickel for delivery in three months opened at USD 24,050/mt and closed at USD 24,000/mt on Wednesday, down by USD 105/mt from a day earlier, with the highest price at USD 24,185/mt and the lowest price at USD 23,780/mt. LME nickel prices advanced slightly to USD 24,130/mt after opening at USD 24,050/mt during the Asian trading hours on Thursday, but fell all the way later to move below USD 24,000/mt and hit a low of USD 23,731/mt. Support at 10-day moving average seems fragile. LME nickel inventories were down by 354 mt to 101,574 mt.
In the Shanghai nickel spot market, traded prices were flat from Wednesday’s level. Mainstream traded prices of nickel from Russia were in the RMB 174,800-175,000/mt range, and mainstream traded prices of nickel from Jinchuan Group were in the RMB 175,300-175,500/mt range. Weak momentum of LME nickel prices dampened trading sentiment in spot market, and transactions were quiet in spot market on Thursday. Downstream demand was soft, and only a few consumers entered in to market. LME nickel prices still struggled around USD 24,000/mt, and fluctuation band fell to certain extent, dampening market confidence and triggering wait-and-see sentiment from traders.