SHANGHAI, Oct. 17 (SMM) -- Last Thursday, LME nickel market opened at USD 18,950/mt and closed at USD 18,411/mt, down USD 632/mt from a day earlier, with the highest price at USD 19,071/mt and the lowest price at USD 18,300/mt. Last Friday, LME nickel prices fluctuated higher after opening at USD 18,450/mt during the Asian trading hours. During the afternoon trading hours, LME nickel prices fell slightly, but later resumed upward momentum due to correction of the US dollar, with prices hitting a high of USD 18,725/mt. Overall trading sentiment improved to certain extant, due to eased market sentiment as China’s CPI was in line with market expectation. LME nickel inventories were 91,476 mt, up 456 mt from a day earlier.
In the Shanghai nickel spot market, mainstream traded prices advanced to certain extent. Traded prices of nickel from Russia were between RMB 138,000-138,500/mt, and traded prices of nickel from Jinchuan Group were between RMB 139,500-140,000/mt. During the afternoon trading hours, traded prices slightly advanced further along with higher LME nickel prices. Transactions were moderate in the market. Supply of nickel from Russia increased from several days’ earlier, expanding price spread between Russia nickel and Jinchuan nickel. Transactions were largely made among traders, and few downstream consumers entered market.