SHANGHAI, Oct. 21 (SMM) -- On Wednesday, LME nickel prices opened at USD 19,001/mt and closed at USD 18,647/mt overnight, down USD 613/mt from a day earlier, with the highest price at USD 19,149/mt and the lowest price at USD 18,600/mt. On Thursday, LME nickel prices fluctuated lower to hit a low of USD 18,160/mt after opening at USD 18,575/mt during the Asian trading hours. Risk appetite waned due to unsolved European debt crisis, weighing down base metal market. LME nickel inventories were 88,488mt, down 990 mt from a day earlier.
In the Shanghai nickel spot market, Wednesday’s LME nickel price decline and Thursday’s LME nickel price slump dragged down spot nickel prices. Although Jinchuan Group’s ex-works prices remained firm at RMB 139,000/mt, traded prices in spot market were already lower than Jinchuan Group’s ex-works nickel prices. Mainstream traded prices of nickel from Russia were between RMB 135,000-135,500/mt, and mainstream traded prices of nickel from Jinchuan Group were in the RMB 137,000-137,800/mt range. Overall trading sentiment was sluggish. Cargo-holders were pessimistic towards market outlook, believing nickel prices will have room to fall further, so they made transactions cautiously. Near the end of the year, some market players believed that tight liquidity may further drag down prices, resulting in sluggish sentiment in the market.