SHANGHAI, Aug. 12 (SMM) -- LME nickel for delivery in three months opened at USD 21,500/mt and closed at USD 21,120/mt on Wednesday, down by USD 130/mt from a day earlier, with the highest price at USD 22,075/mt and the lowest price at USD 20,936/mt. On Thursday, LME nickel prices fell slightly to USD 20,700/mt after opening at USD 20,968/mt. Supported by weaker US dollar, LME nickel prices advanced and hit a high of USD 21,800/mt later. During the afternoon trading hours, upward momentum of LME nickel prices waned and LME nickel prices moved in the RMB 21,500-21,700/mt range due to slower decline of the US dollar and lingering macro uncertainties. LME nickel inventories were up by 624 mt to 103,500 mt.
In the Shanghai nickel spot market, cargo-holders’ confidence was still weak, despite that LME nickel prices rebounded on Thursday. Overall trading sentiment was quiet, with cautious transactions reported. Mainstream traded prices of nickel from Russia were in the RMB 164,000-164,300/mt range, and mainstream traded prices of nickel from Jinchuan Group were in the RMB 165,000-165,200/mt range. Deals were largely made between traders, with few downstream consumers entering market. Due to supply of NPI and scrap stainless steel which are substitutes of refined nickel, demand for refined nickel further waned during the off-seasonal high demand period. Arrival of nickel from Russia has increased, which will ease tight supply of Russian nickel in the Shanghai nickel spot market.