SHANGHAI, Dec. 23 (SMM) -- During Thursday’s Asian trading hours, LME nickel prices fluctuated narrowly, and showed waned upward momentum on negative factors. It was expected that LME nickel prices would continue to meet resistance to climb further. LME nickel inventories were up by 1,668 mt to 89,568 mt.

Jinchuan Group raised ex-works nickel prices by RMB 2,000/mt to RMB 130,000/mt on Thursday. In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were in the RMB 130,500-131,000/mt range, and mainstream traded prices of nickel from Russia were in the RMB 128,500-129,000/mt range. Affected by slight advance of LME nickel price and Jinchuan Group price hike, mainstream traded prices in spot nickel market advanced to certain extent. However, traders’ interest in replenishing stocks was low amid price increase. Coupled with limited downstream demand, trading sentiment was quiet in the Shanghai spot nickel market.