SHANGHAI, Jan. 19 (SMM) -- LME nickel prices advanced to certain extent after opening during the Asian trading hours on Wednesday, but pared early gains rapidly later due to decline in China's equity market and that Japan’s revised industrial output data for November was significantly lower than initial reading. Market players were pessimistically expecting the result of the Greek debt negotiation to be held on Wednesday, so it is expected that LME nickel prices may still be weighed by the European debt crisis.
In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were around RMB 138,500/mt, and mainstream traded prices of nickel from Russia were between RMB 137,000-137,500/mt during the morning trading hours. Traders lowered offers to promote sales amid rising demand, so mainstream traded prices of nickel from Jinchuan Group fall to RMB 138,300-138,500/mt, and mainstream traded prices of nickel from Russia were between RMB 136,800-137,300/mt. Generally speaking, demand increased from a day earlier, which was mainly due to pre-holiday stock replenishment and relatively stable performance of nickel price.