SHANGHAI, Feb. 12 (SMM) -- LME nickel market opened at USD 28,200/mt and closed at USD 28,300/mt overnight, up by USD 165/mt from a day earlier, with the highest price at USD 28,399/mt and the lowest price at USD 27,625 mt. Daily trading volumes were 2,904 lots and positions were 100,436 lots. LME nickel inventories were down by 786 mt to 131,112 mt. Cancelled warrants were 5,106 mt, accounting for 3.89% of total inventories.
LME base metal largely ended with gains on Friday, boosted by Mubarak Resignation. Earlier on Friday, base metal prices were weighed down from concerns over political turbulent of Egypt, but risk appetite increased and prices were boosted later from the news of resignation of Egypt present Mubarak. LME nickel prices firstly slipped but later advanced in response, with finally closing higher. LME nickel prices currently moved around 5-day moving average. Although prices fell below 10-day average on February 12th, upward trend remains. SMM expects that LME nickel prices may challenge new high in the near term.
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