SHANGHAI, Feb. 18 -- LME nickel prices opened at USD 28,701/mt and closed at USD 28,621/mt, down by USD 109/mt from a day earlier, with the highest price at USD 28,800/mt and the lowest price at USD 28,000/mt. Daily trading volumes were 3,060 lots and positions were 96,645 lots.LME nickel inventories were down by 174 mt to 129,924 mt.Cancelled warrants were 4,758 mt,accounting for 3.66% of total inventories.
LME nickel prices slipped sharply in the afternoon trading hours on Thursday, and pared certain losses during the European trading hours from dip-buying, with prices closing with slight decline and moving above 5-day moving average. The upward technical trend remains intact.
The US Investment Company Institute announced on Thursday that total assets of the US Money Market Mutual Funds (MMMFs)in the week ending on February 16th increased by USD 5.56 billion to USD 2.756 trillion.The US equity market closed with gains again. Turbulence in the Middle East triggered energy supply concern and boosted stocks in energy sector, but with a year-low trading volumes reported.Close attention should be paid to G20 meeting to be convened at the weekend, as the meeting is expected discussion on cutting world's dependent on the US dollar. In this context, the US dollar was relatively weak in recent two days.
Eramet Nickel announced on Thursday that nickel output at its Doniambo smelter will grow by around 6% in 2011.BNP Paribas states, new nickel capacities in 2011 will be around 425 kt.
LME nickel prices still moved around 5-day moving average, and may experience slight corrections due to impact from neighbor base metals.At present, LME nickel prices meet resistant at USD 29,000/mt and receive support at USD 28,000/mt.
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