SHANGHAI, Aug. 29 (SMM) -- Last Thursday, LME nickel prices opened at USD 20,850/mt and closed at USD 21,020/mt, up by USD 170/mt from a day earlier, with the highest price at USD 21,295/mt, and the lowest price at USD 20,849/mt. On last Friday, LME nickel prices fluctuated widely after opening at USD 21,169/mt during the Asian trading hours, and then fluctuated narrowly waiting for guidance from Ben Bernnake’s statement. The US dollar fluctuated weakly around 74, lending support for base metal prices. At around 6:00 pm, LME nickel prices rallied to USD 21,170/mt, up by USD 127/mt. LME nickel inventories were 105,018 mt, up by 1,008 mt from a day earlier.

In the Shanghai nickel spot market, prices were stable from a day earlier. Mainstream traded prices of nickel from Russia were in the RMB 158,000-158,500/mt range, and mainstream traded prices of nickel from Jinchuan Group were in the RMB 159,000-159,500/mt range. Stronger LME nickel prices supported spot nickel prices to certain extent, with moderate trading sentiment reported. Deals were largely made among traders, and downstream demand was still soft. Ample supply of goods in the market will dampen upward momentum of spot nickel prices.