SHANGHAI, Sept. 8 (SMM) -- On Tuesday, LME nickel prices opened at USD 20,800/mt and closed at USD 20,827/mt, down by USD 168/mt from a day earlier, with the highest price at USD 20,999/mt and the lowest price at USD 20,500/mt. On Wednesday, LME nickel prices advanced to hit a high of USD 21,180/mt after opening at USD 20,825/mt during the Asian trading hours due to decline in the US dollar, with prices targeting 5-day moving average. LME nickel inventories were 100,458 mt, down 1,152 mt from a day earlier.
In the Shanghai nickel spot market, Wednesday's LME nickel price advance boosted transactions in the spot market, with increasing number of traders and downstream consumers entering market. During the morning trading hours, traded prices of nickel from Jinchuan Group were in the RMB 159,000-159,500/mt range, and traded prices of nickel from Russia were in the RMB 158,000-158,500/mt range. Spot nickel prices advanced along with LME nickel price rally in afternoon trading hours. Traded prices of nickel from Jinchuan Group were around RMB 160,000/mt and mainstream traded prices of nickel from Russia were in the RMB 158,800-159,000/mt range. Overall trading sentiment improved to certain extent. Supply of goods was relatively sufficient, as a large amount of imported goods entered domestic market following improved domestic/LME nickel price ratio. However, affected by weak demand, nickel prices were relatively weak.