SHANGHAI, Sept. 16 (SMM) -- On Thursday, LME nickel prices hit a high of USD 21,525/mt and test the lowest of USD 21,250/mt after opening at USD 21,350/mt. LME nickel inventories were down 486 mt to 98,220 mt. Trading sentiment was relatively quiet, and LME nickel prices largely moved between USD 21,260/mt and USD 21,450/mt during the morning trading hours. During the European trading hours, the US dollar slipped amid rising euro, and LME base metal prices rallied. LME nickel prices advanced from USD 21,229/mt to USD 21,525/mt. Boosted by better-than-expected Italian August Harmonised Index of Consumer Prices (HICP), Euro zone August Harmonised Index of Consumer Prices (HICP), and Euro zone Q2 employment rate, coupled with conviction that Greece will remain in the euro zone at a teleconference participated by Germany and France, market concern over the European debt crisis was temporarily eased. With the US dollar falling from 77 to 76.53 along with rising euro, LME nickel prices advanced to USD 21,700/mt and held firm above USD 21,500/mt.
In the Shanghai nickel spot market, offers were in the RMB 158,000-159,500/mt range during the morning trading hours. Mainstream traded prices of nickel from Jinchuan Group were between RMB 159,000-159,500/mt, and mainstream traded prices of nickel from Russia were around RMB 158,000/mt. Supply of goods was sufficient in the market. It was reported that around 600 mt of Russian nickel entered spot market last week, coupled with previous influx of Russian nickel, supply of Russian nickel was ample, but transactions were quiet. It is reported that pre-holiday stock replenishment will increase before late September.