SHANGHAI, Aug. 26 (SMM) -- LME nickel for delivery in three months opened at USD 20,875/mt and closed at USD 20,850/mt on Wednesday, up by USD 100/mt from a day earlier, with the highest price at USD 21,061/mt and the lowest price at USD 20,500/mt. Supported by weaker US dollar, LME nickel futures contract for delivery in three months fluctuated around 5-day moving average after opening at USD 20,850/mt during the Asian trading hours on Thursday. Market sentiment remained cautious before Friday’s Fed meeting. LME nickel inventories were up by 84 mt to 104,010 mt.
In the Shanghai nickel spot market, traded prices remained stable from a day earlier. Mainstream traded prices of nickel from Jinchuan Group were in the RMB 159,000-159,500/mt range, and mainstream traded prices of nickel from Russia were in the RMB 158,000-158,500/mt range. LME nickel prices failed to make any breakthrough, dampening trading sentiment in spot market. Overall trading sentiment was soft, with cautious transactions from traders and quiet demand from downstream consumers. Deals were largely done among traders. A large amount nickel from Russia has arrived in the Shanghai nickel spot market recently, so supply of goods was ample in the market. Coupled with soft demand, spot nickel prices were more sluggish.