SHANGHAI, Aug. 8 (SMM) -- LME nickel for delivery in three months opened at USD 23,950/mt and closed at USD 23,605/mt last Thursday, down by USD 315/mt from a day earlier, with the highest price at USD 24,050/mt and the lowest price at USD 23,425/mt. LME nickel prices fell by USD 300/mt after opening at USD 23,420/mt during the Asian trading hours last Friday. When US dollar declined after rally, LME nickel prices pared certain losses, but still met great resistance at USD 23,300/mt. Close attention should be paid to US non-farm employment data which was due to release on Friday. LME nickel inventories were down by 126 mt to 102,654 mt.
Jinchuan Group cut ex-works nickel prices by RMB 7,000/mt to RMB 174,000/mt last Friday, dragging down domestic spot nickel prices. Mainstream traded prices of nickel from Russia were in the RMB 172,500-173,000/mt range, and were around RMB 172,000/mt in the afternoon trading hours. Mainstream traded prices of nickel from Jinchuan Group were in the RMB 173,000-174,000/mt range. Overall trading sentiment was sluggish, and buyers tried to beat down prices. However, traders were reluctant to move goods at low price, resulting in stagnant and quiet transactions. Around 250 mt of Russian nickel arrived at ports, which contributed limitedly to market supply.