SHANGHAI, Aug. 19 (SMM) -- LME nickel for delivery in three months opened at USD 21,600/mt and closed at USD 21,890/mt on Wednesday, up by USD 251/mt from a day earlier, with the highest price at USD 21,989/mt and the lowest price at USD 21,500/mt. On Thursday, LME nickel futures contract for delivery in three months fluctuated lower to hit the lowest of USD 21,657/mt after opening at USD 21,900/mt during the Asian trading hours. There was no substantial progress on negotiation between Germany and France, intensifying market concern over expansion of European debt crisis and weighing on market sentiment. LME nickel inventories were down by 162 mt to 103,092 mt.
In the Shanghai nickel spot market, transactions remained quiet. Mainstream traded prices of nickel from Jinchuan Group were in the RMB 164,800-165,000/mt range, and mainstream traded prices of nickel from Russia were in the RMB 163,300-163,500/mt range. Overall trading sentiment was sluggish, with traders largely adopting a wait-and-see attitude. LME nickel prices still struggled below USD 22,000/mt, dampening market confidence and transactions. Few downstream consumers entered market, and deals were largely done among traders.