SHANGHAI, Sept. 15 -- On Tuesday, LME nickel prices opened at USD 21,645/mt and closed at USD 21,351/mt, down USD 212/mt from a day earlier, with the highest price at USD 21,710 mt and the lowest price at USD 21,225/mt. On Wednesday, LME nickel prices advanced to USD 21,450/mt after opening at USD 21,400/mt, owing to eased concern over the European sovereign debt crisis. Later, the euro slipped, and the US dollar index advanced from 76.96 to 77.46. In response, LME nickel prices slipped and found support at USD 21,050/m at around 2:00 pm during the Asian trading hours. LME nickel inventories were 98,706 mt, down 342 mt from a day earlier.
In the Shanghai nickel spot market, #1 refined nickel was offered in the RMB 158,500-160,000/mt rang during the morning trading hours, with deals largely made during the morning trading hours at prices between RMB 157,000-160,000/mt. Mainstream traded prices of nickel from Jinchuan Group were around RMB 159,500/mt, and mainstream traded prices of nickel from Russia were around RMB 158,500/mt during the morning trading hours. When LME nickel prices slipped during the afternoon trading hours, mainstream traded prices of nickel from Jinchuan Group were around RMB 158,500/mt, and mainstream traded prices of nickel from Russia were around RMB 157,500/mt. Affected by LME nickel price decline, traders wait-and-see sentiment was strong.
Large stainless steel mills still purchased refined nickel through long-term contract, and transactions of refined nickel was still limited in spot market, despite the onset of traditional peak-demand period. Deals were still large done among traders, with quiet transactions reported.