SHANGHAI, Jan. 12 (SMM) -- LME nickel prices continued to advance slightly and hit a two-month high at USD 19,690/mt during Wednesday’s Asian trading hours.
In China’s nickel spot market, Jinchuan Group raised ex-works nickel prices by RMB 4,000/mt, to RMB 136,000/mt on Wednesday. In response, traded prices advanced to great extent from a day earlier. Mainstream traded prices of nickel from Jinchuan Group were between RMB 135,000-135,500/mt, and mainstream traded prices of nickel from Russia were between RMB 134,000-134,500/mt during the morning trading hours. Inspired by continuous increase in LME nickel price and downstream pre-holiday stock replenishments, traders raised offers again. During the afternoon trading hours, mainstream offers of nickel from Jinchuan Group were between RMB 135,500-136,000/mt and mainstream offers of nickel from Russia were between RMB 134,000-134,500/mt. Supply of goods at RMB 134,000/mt reduced significantly. Few traders were optimistic towards market outlook along with steady increase in LME nickel prices in recent days, and were reluctant to move goods. However, trading sentiment was still relatively brisk in spot nickel market on Wednesday.