SHANGHAI, Dec. 16 (SMM) -- LME nickel prices slipped all the way to hit a low of USD 17,423/mt after falling below support level of USD 18,000/mt overnight, souring market confidence. The summit between Russia and the European Union was held on December 14th to 15th, and it was said that Russia may help to solve the European debt crisis. In addition, the November consumer confidence index from the euro zone may affect base metal price movement. LME nickel inventories were down by 276 mt to 89,544 mt.
On Thursday, Jinchuan Group cut ex-works nickel prices by RMB 4,000/mt to RMB 126,000/mt. In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were in the RMB 126,500-127,000/mt range, and mainstream traded prices of nickel from Russia were in the RMB 125,000-125,500/mt range. Hit by LME nickel price slump and Jinchuan Group’s downward price adjustment, spot nickel prices dipped sharply. Market sentiment was pessimistic, and buying interest was very low, with light trading volumes reported.