SHANGHAI, Dec. 7 (SMM) --
LME nickel price advanced higher to hit a high of USD 18,250/mt at 5:00 pm after opening at USD 18,001/mt during the Asian trading hours and early European trading hours on Tuesday. However, LME nickel prices were temporarily weighed due to Standard and Poor’s warning that it may cut credit rating of many banks in the euro zone. Investors were positively waiting for outcome of Friday’s EU summit. Coupled with technical support, LME nickel prices were relatively firm. LME nickel inventories were up by 600 mt to 91,056 mt.
In the Shanghai nickel spot market, Jinchuan Group raised ex-works nickel prices by RMB 2,000/mt to RMB 130,000/mt on Tuesday. Before price adjustment from Jinchuan Group, traded prices of nickel from Russia were in the RMB 128,000-128,500/mt range, and traded prices of nickel from Jinchuan Group were in the RMB 129,500-130,000/mt range. After price adjustment, traded prices of nickel from Russia advanced to the RMB 128,500-128,800/mt range, and traded prices of nickel from Jinchuan Group rallied to RMB 130,200-130,000/mt range. Transactions improved slightly from a day earlier. Lacking confidence, cargo-holders’ willingness to move goods increased.