SHANGHAI, Sept. 29 (SMM) -- On Tuesday, LME nickel prices opened at USD 18,500/mt and closed at USD 19,047/mt, up USD 833/mt from a day earlier, with the highest price at USD 19,170/mt and the lowest price at USD 18,350/mt. On Wednesday, LME nickel prices extended weak momentum after opening at USD 18,760/mt during the Asian trading hours, with support at 5-day moving average and resistance at USD 18,924/mt. Macroeconomic uncertainties still haunted LME nickel market. LME nickel inventories were 97,290 mt, down 168 mt.
In the Shanghai nickel spot market, offers were relatively high in the morning trading hours, as market expected that Jinchuan Group would raise ex-works nickel prices. However, out of market expectation, Jinchuan Group did not raise ex-works nickel prices. Coupled with weak performance of LME nickel price on Wednesday, spot nickel prices slipped to certain extent, with mainstream traded prices of Russian nickel in the RMB 139,800-140,000/mt range and Jinchuan Group nickel in the RMB 140,500-141,000/mt range. Price spread between Jinchuan nickel and Russian nickel narrowed to certain extent, as Jinchuan Group’s high ex-works nickel prices supported its spot nickel price to remain firm. Transactions were still quiet, with deals largely made among traders.