SHANGHAI, Sept. 21 (SMM) -- On Monday, LME nickel prices opened at USD 21,600/mt and closed at USD 21,006/mt, down USD 499/mt from a day earlier, with the highest price at USD 21,600/mt and the lowest price at USD 20,898/mt. On Tuesday, LME nickel prices were weighed to hit a low of USD 20,950/mt after opening at USD 21,100/mt during the Asian trading hours. During Tuesday’s European trading hours, LME nickel prices advanced slightly to hit a high of USD 21,300/mt, due to decline in the US dollar. Market sentiment is expected to be cautious before Federal Reserve monetary policy meeting. LME nickel inventories were 98,046 mt, down 36 mt.
In the Shanghai nickel spot market, Tuesday’s narrow fluctuation of LME nickel price dampened transactions in spot market. Mainstream traded prices of nickel from Russia were in the RMB 155,000-155,500/mt range, and mainstream traded prices of nickel from Jinchuan Group were in the RMB 157,000-157,200/mt range. Market players largely adopted a wait-and-see sentiment and made transactions cautiously amid unclear LME nickel price trend, but a small portion of traders took the opportunity to replenish stocks at low prices. At present, downstream consumption was still quiet, and pre-holiday stock replenishment did not occur. Jinchuan nickel prices were relatively firm, due to support from Jinchuan Group’s ex-works nickel prices, while Russian nickel prices were not as firm as Jinchuan nickel price.