SHANGHAI, Aug. 15 (SMM) -- LME nickel for delivery in three months opened at USD 20,968/mt and closed at USD 21,581/mt on Thursday, up by USD 461/mt from a day earlier, with the highest price at USD 21,799/mt and the lowest price at USD 20,700/mt. Supported by Thursday’s LME nickel price rally, LME nickel prices advanced to hit a high of USD 21,850/mt after opening at USD 21,700/mt during Friday’s early Asian trading hours. Affected by concern over spread of the European debt crisis, LME nickel prices fell sharply to hit a low of USD 21,320/mt during the afternoon trading hours. In the early European trading hours, LME nickel prices rallied to USD 21,600/mt. Fluctuation of LME nickel prices widened amid macro uncertainties, and it is expected that LME nickel prices will remain rebound trend, with resistance between RMB 22,000-22,200/mt. LME nickel inventories were up by 90 mt to 103,590 mt.
In the Shanghai nickel spot market, volatile LME nickel prices dampened spot transactions, with cautious transactions from cargo-holders reported. Transactions were moderate during the morning trading hours, with deals of nickel from Russia made between RMB 164,500-164,700/mt, and deals of nickel from Jinchuan Group in the RMB 165,500-165,700/mt range. In the afternoon trading hours, spot prices fell sharply along with LME nickel price slump, and some cargo holders were reluctant to move goods, leaving quiet transactions in the market. Only a small amount of Russian nickel was traded around RMB 163,800/mt, and traded prices of Jinchuan nickel fell to RMB 165,000/mt.