SHANGHAI, Dec. 1 (SMM) -- LME nickel prices slumped to hit a low of USD 17,000/mt after opening at USD 17,150/mt during the morning trading hours on Wednesday, and further extended downward momentum to find support at USD 16,830/mt later. Stumble of China’s equity market dragged down base metal prices. In addition, investors’ confidence was further dampened following Standard and Poor’s downgrade adjustment of many banks. In this context, base metals experienced sell-offs. LME nickel inventories were 90,390 mt, up 612 mt.
In the Shanghai nickel spot market, LME nickel price decline significantly dragged down spot nickel prices. Mainstream traded prices of nickel from Russia were in the RMB 123,700-124,000/mt range, and mainstream traded prices of nickel from Jinchuan Group were in the RMB 125,500-126,000/mt range. Transactions were sluggish, with bearish sentiment prevailing in the market.