SHANGHAI, Oct. 26 (SMM) -- On Tuesday, LME nickel prices slipped slightly to USD 19,650/mt after opening at USD 19,900/mt, but surged to a high of USD 20,300/mt and later fell below USD 20,000/mt during the afternoon trading hours. Market sentiment will remain cautious as players are waiting for specific measures from Wednesday’s EU summit. LME nickel inventories were 87,828 mt, up 102 mt from a day earlier.
In the Shanghai nickel spot market, Monday's LME nickel price surge greatly boosted sentiment in spot nickel market. Traders quoted relatively higher offers during the morning trading hours, but transactions were still limited. Jinchuan Group raised ex-works nickel prices to RMB 140,000/mt, guiding spot nickel prices to certain extent. Mainstream traded prices of nickel from Russia were between RMB 140,000-140,500/mt, and mainstream traded prices of nickel from Jinchuan Group were around RMB 141,500/mt. Overall trading sentiment was relatively quiet, as wait-and-see sentiment grew when LME nickel prices fluctuated wider during the Asian trading hours. Transactions were still largely done among traders, with few downstream consumers entering market.