SHANGHAI, Jul. 29 (SMM) -- LME nickel for delivery in three months opened at USD 24,100/mt and closed at USD 24,400/mt on Wednesday, up by USD 250/mt from a day earlier, with the highest price at USD 24,500/mt and the lowest price at USD 24,045/mt. LME nickel prices opened at USD 24,300/mt and fluctuated narrowly around this level during morning trading hours on Thursday, but surged to hit a high of USD 24,690/mt and then fell slightly to USD 24,600/mt during the afternoon trading hours. LME nickel inventories were down by 66 mt to 102,930 mt on Thursday.
Jinchuan Group raised ex-works nickel prices by RMB 2,000/mt to RMB 176,000/mt on Thursday, boosting spot nickel prices to certain extent. Shanghai nickel spot prices rose rapidly to stand above RMB 176,000/mt. However, transactions were limited when LME nickel prices were relatively weak in the morning trading hours, but transactions improved and traded prices were between RMB 176,000-176,500/mt when LME nickel prices surged during the afternoon trading hours. Overall transactions were moderate. As supply of nickel from Russia was limited, prices of Russian nickel were firm. It was reported that some Russian nickel arrived at ports, but traders were still reluctant to move goods due to optimistic expectation, leading to limited supply of nickel from Russia.