SHANGHAI, Jan. 11 (SMM) -- LME nickel for delivery in three months initially declined but later advanced during Asian trading hours on Tuesday. LME nickel prices fell to hit USD 18,900/mt after opening, but were boosted to reach USD 19,000/mt and stand above 5-day moving average due to second consecutive day gain in China’s stock market and increase in LME copper prices. Close attention should be paid to November industrial output data from France and result of meeting between Germany and France.
In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were between RMB 132,200-132,500/mt, and mainstream traded prices of nickel from Russia were between RMB 130-131,500/mt during the morning trading hours. Inspired by LME nickel price hike, mainstream traded prices of nickel from Jinchuan Group advanced to RMB 132,500-133,000/mt, and mainstream traded prices of nickel from Russia were between RMB 131,500-132,000/mt during the afternoon trading hours. Pre-holiday stock replenishment from downstream consumers, coupled with limited supply of nickel from Russia, contributed to relatively brisk trading sentiment in spot market.