SHANGHAI, Sept. 28 (SMM) -- On Monday, LME nickel prices opened at USD 18,400/mt and closed at USD 18,214/mt, up USD 14/mt from a day earlier, with the highest price at USD 18,625/mt and the lowest price at USD 17,150/mt. On Tuesday, LME nickel prices fluctuated higher and hit a high of USD 18,797/mt after opening at USD 18,500/mt during the Asian trading hours, boosted by interest rate reduction and implementation of additional Euro 2 trillion bailout plan in Europe. However, price growth was still capped by concern over economic outlook. LME nickel inventories were 97,458 mt, up 318 mt.
In the Shanghai nickel spot market, spot nickel prices were inspired by LME nickel price advance. Mainstream traded prices of Russian nickel were in the RMB 138,000-139,000/mt rang and mainstream traded prices of Jinchuan nickel were around RMB 140,500/mt. Although supply of goods was ample in the market, downstream producers still made purchases on an as-needed basis due to lack of pre-holiday stock replenishment. Overall transactions were moderate on Tuesday, as market players were still cautious amid unclear LME nickel price trend.