SHANGHAI, Sept. 9 (SMM) -- On Wednesday, LME nickel prices opened at USD 20,825/mt and closed at USD 21,798/mt, up USD 971/mt from a day earlier, with the highest price at USD 21,835/mt and the lowest price at USD 20,825/mt. On Thursday, LME nickel prices were weighed below USD 22,200/mt after opening at USD 21,721/mt during the Asian trading hours, finding support at 10-day moving average. The US dollar index was relatively stable. In addition, market sentiment was relatively cautious before release of Obama’s job-creation plan. LME nickel inventories were 99,180 mt, down 1,278 mt from a day earlier.
In the Shanghai nickel spot market, traded prices of spot nickel were relatively mixed. Thursday’s LME nickel price decline also dragged down spot nickel prices. During the morning trading hours, traded prices of nickel from Jinchuan Group were relatively high in the RMB 163,500-164,000/mt range, and traded prices of nickel from Russia were in the RMB 162,500-163,000/mt range, due to higher offers in the market since Wednesday’s LME nickel price rally raised expectation that Jinchuan Group would raise its ex-works nickel prices. When LME nickel prices slipped in the afternoon trading hours on Thursday, trading sentiment and traded prices in spot nickel prices were both dampened. Traded prices of nickel from Jinchuan Group slipped in the RMB 162,000-162,500/mt range and mainstream traded prices of nickel from Russia were in the RMB 161,000-161,500/mt range. Overall trading sentiment was lackluster, as LME nickel price decline in the afternoon trading hours dampened traders’ sentiment.