SHANGHAI, Aug. 24 (SMM) -- On Monday, LME nickel for delivery in three months opened at USD 21,200/mt and closed at USD 20,777/mt, down by USD 433/mt from a day earlier, with the highest price at USD 21,366/mt and the lowest price at USD 20,760/mt. On Tuesday, boosted by better-than-expected HSBC PMI from China, LME nickel prices advanced to USD 21,177/mt after opening at USD 20,900/mt during the Asian trading hours. However, LME nickel pries fluctuated around USD 21,000/mt during the European trading hours as market sentiment was cautious before release of economic data from Germany and France. LME nickel inventories were down by 96 mt to 103,266 mt.
Consumption was still quiet in the Shanghai nickel spot market and players' confidence was fragile towards LME nickel price outlook. Offers of Jinchuan nickel were already than ex-works Jinchuan nickel prices, leaving limited transactions among traders. Traded prices of nickel from Jinchuan Group were in the RMB 160,500-160,700/mt range. Transactions of nickel from Russia were relatively brisk, with traded prices between RMB 159,500-159,700/mt. Due to strong bearish sentiment towards LME nickel price, cargo-holders’ confidence was faltered.