SHANGHAI, Apr. 9 (SMM) – LME nickel prices started at USD 16,515/mt Tuesday, and hit a high of USD 16,584/mt before falling back again. The prices staged an intraday low of USD 16,325/mt and found support at USD 16,327/mt. LME nickel closed the day out at USD 16,438/mt, down USD 84/mt. Traded volumes increased by 817 lots to 3,692 lots, and positions were up 4,204 lots to 222,632 lots. Inventories increased 588 mt to 281,598 mt.
SMM #1 refined nickel prices were RMB 107,700-108,600/mt on Tuesday. Jinchuan Group raised its ex-works prices for nickel in Shanghai by RMB 3,000/mt to RMB 109,000/mt. Traded prices for Jinchuan’s nickel were RMB 108,400-108,800/mt Tuesday morning, while Russian nickel was mainly sold at RMB 107,600-108,000/mt. In the afternoon, prices for Jinchuan nickel increased to RMB 109,000-109,200/mt. Quotations and transactions for Russian nickel were rarely heard in the afternoon session, as supply for the product remained tight.
On Wednesday, spot nickel prices are expected at RMB 108,000-109,000/mt in China.