SHANGHAI, Oct. 14 (SMM) -- On Wednesday, LME nickel market opened at USD 18,701/mt and closed at USD 19,043/mt, up USD 198/mt from a day earlier, with the highest price at USD 19,312/mt and the lowest price at USD 18,656/mt. On Thursday, LME nickel prices fluctuated around 5-10 day moving average after opening at USD 18,950/mt during the Asian trading hours, with weak momentum and reporting limited trading volumes. During the European trading hours, although market tension eased to certain extent on recapitalization plan of European banks, market was still weighed. LME nickel inventories were 91,020 mt, down 762 mt.
In the Shanghai nickel spot market, spot nickel prices were relatively stable. Traded prices of nickel from Russia were between RMB 139,000-139,500/mt, and traded prices of nickel from Jinchuan Group were between RMB 140,000-140,500/mt. Overall trading sentiment was quiet. Deals were largely done among traders, while downstream consumers still made purchases on an as-needed basis. The European debt crisis remained unsettled, and concern over global economy continued to grow, weighing on base metal market. Although LME nickel prices did not fall significantly after China’s National Day holiday, the weak upward momentum of LME nickel price dampened spot nickel traders’ confidence, resulting in quiet and cautious transactions in the market.