SHANGHAI, Sept. 22 (SMM) -- On Tuesday, LME nickel prices opened at USD 21,100/mt and closed at USD 21,066/mt, up USD 60/mt from a day earlier, with the highest price at USD 21,445/mt and the lowest price at USD 20,905/mt. On Wednesday, LME nickel prices slipped slightly after opening at USD 21,000/mt during the Asian trading hours, but later ceased to decline and advanced to hit a high of USD 21,350/mt. During early European trading hours, LME nickel prices pared certain gains from stronger US dollar, still moving below moving averages without making any breakthrough. LME nickel inventories were 97,638 mt, down 408 mt.
In the Shanghai nickel spot market, spot nickel prices fluctuated wider from a day earlier. During the morning trading hours, spot nickel prices were largely flat from a day earlier due to stable performance of LME nickel price, with mainstream traded prices of nickel from Russia around RMB 154,500/mt and mainstream traded prices of nickel from Jinchuan Group in the RMB 155,000-157,000/mt range. During the afternoon trading hours, spot nickel prices advanced along with LME nickel prices, with mainstream traded prices in the RMB 155,500-158,000/mt range. Some traders were reluctant to move goods, leading to no improvement in spot transaction. Overall trading sentiment was moderate, with deals largely done among traders but limitedly done from downstream producers.