SHANGHAI, Sept. 1 -- On Tuesday, LME nickel prices fluctuated higher after opening at USD 21,701/mt and closed at USD 21,910/mt, up by USD 210/mt from a day earlier, with the highest price at USD 22,049/mt and the lowest price at USD 21,650/mt. On Wednesday, LME nickel prices opened low at USD 21,805/mt. The US dollar was weighed below 74, sending LME nickel price to a high of USD 22,025/mt. LME nickel prices test sustainability at USD 22,000/mt. LME nickel inventories were 103,800 mt, down 1,980 mt.
In the Shanghai nickel spot market, although LME nickel prices only advanced limitedly on Tuesday, Jinchuan Group raised ex-works nickel prices by RMB 2,000/mt to RMB 163,000/mt on Wednesday. In response, offers of spot nickel also advanced by RMB 1,000/mt. Advance in LME copper and nickel prices made traders reluctant to move goods, waiting to move goods at higher prices. However, debt crisis in the US and EU still haunted market, making traders cautiously build stocks. Mainstream traded prices of nickel from Russia were in the RMB 162,500-162,800/mt range, and mainstream traded prices of nickel from Jinchuan Group were in the RMB 163,300-163,800/mt range. Transactions were slightly brisk from a day earlier.