SHANGHAI, Dec. 8 (SMM) -- LME nickel prices slipped slightly to USD 18,260/mt after opening at USD 18,320/mt during the Asian trading hours on Wednesday, but fluctuated higher to hit USD 18,549/mt later. As investors positively expected that the EU summit would come up with more decisive measures to solve the European debt crisis, market sentiment was greatly boosted. In response, LME nickel prices approached near 60-day moving average.
In the Shanghai nickel spot market, traded prices of nickel from Jinchuan Group were in the RMB 130,000-130,300/mt range, and prices of nickel from Russia were in the RMB 128,800-129,000/mt range, slightly higher from a day earlier. Traders can be divided into two kinds. The first kind of traders was eager to move goods since nickel prices moved higher, resulting in relatively brisk transactions. The second kind of traders reported reduced trading volumes due to low price acceptance from downstream consumers. Generally speaking, most clients accepted current nickel prices, but trading volumes were slightly down.