SHANGHAI, Sept. 22 (SMM) – LME nickel prices advanced slightly to hit a high of USD 21,350/mt during the Asian trading hours and early European trading hours. However, weighed by risk aversion sentiment during the evening trading hours, LME nickel prices began to fall and hit a low of USD 20,450/mt. Finally, LME nickel prices closed at USD 20,598/mt, down USD 468/mt. LME nickel inventories were 97,638 mt, down 408 mt.
Spot nickel prices tracked LME nickel price movement on Wednesday. Trading sentiment was moderate, with deals largely done among traders. Mainstream traded prices were in the RMB 155,000-157,000/mt range in the morning trading hours, and were in the RMB 155,500-158,000/mt range in the afternoon trading hours.
On Thursday, LME nickel prices opened low at USD 20,300/mt. Based on current performance of LME nickel prices, if LME nickel prices fall below previous support level of USD 20,200/mt, further support will be available at USD 20,000/mt. In domestic nickel spot market, spot prices will fall along with LME nickel price decline, and will move in the RMB 153,500-155,500/mt range on Thursday. Close attention should be paid whether or not Jinchuan Group will cut ex-works nickel prices.