SHANGHAI, Sept. 26 (SMM) -- Last Thursday, LME nickel prices opened at USD 20,300/mt and closed at USD 17,000/mt, down USD 3,598/mt from a day earlier, with the highest price at USD 20,450/mt and the lowest price at USD 17,000/mt. Last Friday, LME nickel prices slipped to hit a low of USD 16,800/mt after opening at USD 18,100/mt during the Asian trading hours, but later pared certain losses from weaker US dollar. Very key economic data would be released on Friday night, and it was expected that LME nickel prices would try to pare losses made during the Asian trading hours. LME nickel inventories were 97,242 mt, down 576 mt.
In the Shanghai nickel spot market, affected by Thursday’s LME nickel price tumble, offers of spot nickel were in the RMB 140,000-140,500/mt range in Friday's morning trading hours. As LME nickel prices continued to slip on Friday, traded prices of nickel from Russia were in the RMB 138,000-138,500/mt range, and mainstream traded prices of nickel from Jinchuan Group were in the RMB 140,000-141,000/mt range. Out of market expectation, Jinchuan Group did not cut ex-works nickel prices, so Jinchuan Group’s ex-works nickel prices limitedly supported spot nickel prices. Coupled with growing wait-and-see sentiment along with LME nickel price tumble, overall transactions were lackluster.