SHANGHAI, Dec. 5 (SMM) -- LME nickel price moved relatively stable during the Asian trading hours last Friday, but advanced slightly on weaker US dollar during the afternoon trading hours. LME nickel prices continued to extend upward momentum during the early European trading hours and hit a high of USD 17,209/mt at 5: 00 pm. Market sentiment was relatively cautious as investors were waiting for the US non-farm employment data. LME nickel inventories were down by 252 mt to 90,822 mt.
In the Shanghai nickel spot market, spot nickel prices slumped along with Thursday’s LME nickel price plunge. Mainstream traded prices of nickel from Russia were in the RMB 123,500-124,000/mt range, and mainstream traded prices of nickel from Jinchuan Group were in the RMB 125,500-125,800/mt range. Trading sentiment was relatively sluggish. Although LME nickel price advanced in the afternoon trading hours on Friday, it only lent limited support to boost spot nickel prices. Downstream demand for refined nickel was sluggish, due to the lower operating rates at steel mills and supply of N PI as a substitute for refined nickel. Traders were pessimistic towards market outlook and lacked trading interest, resulting in quiet transactions in the market.