SHANGHAI, Feb. 27 (SMM) -- Boosted by data from IFO, the euro versus the US dollar advanced to hit 2.5-month high. Meanwhile, Shanghai Composite Index also rallied to 2440 points. However, upbeat economic data still failed to boost LME nickel prices, with LME nickel prices falling slightly during Friday’s Asian trading hours. During the European and the US trading hours, LME nickel prices met strong resistance at 5-day moving average and 10-day moving average to advance further, with weak upward momentum in the short term. However, the euro versus the US is expected to advance further in the short term, which will support LME nickel prices to certain extent.
In the Shanghai nickel spot market, mainstream traded prices of nickel from Jinchuan Group were between RMB 139,500-139,800/mt, and mainstream traded price of nickel from Russia were between RMB 138,800-139,000/mt during the morning trading hours. During the afternoon trading hours, domestic spot prices did not change much as LME nickel prices still in fluctuation trend. Since current nickel prices were relatively low, some downstream producers had willingness to replenish stocks, resulting in brisk transactions in the market. Trading volumes in the Shanghai and Tianjin market both increased, and nickel inventories in South China were also down.