SHANGHAI, Oct. 27 (SMM) -- LME nickel prices advanced to hit a high of USD 20,200/mt after opening at USD 19,720/mt during the Asian trading hours on Wednesday. Market players doubted whether or not the EU summit would find out solution to the European debt crisis, which weighed on market sentiment. However, the weaker US dollar supported LME nickel prices to advance to certain extent. LME nickel inventories were 87,588 mt, down 240 mt from a day earlier.
In the Shanghai nickel spot market, although LME nickel prices advanced on Wednesday, uncertainties over the EU summit result continued to weigh on market sentiment, with most market players not optimistic towards outcome of the EU summit. Trading sentiment was sluggish in spot nickel market. Deals were largely done among traders, with few downstream consumers entering market. Mainstream traded prices of nickel from Russia were between RMB 139,500-140,000/mt, and mainstream traded prices of nickel from Jinchuan Group were between RMB 141,000-141,500/mt. The recent weak performance of LME nickel prices led to sluggish trading sentiment in the Shanghai nickel spot market.