SHANGHAI, Nov. 26 (SMM) – LME nickel prices fluctuated below the 5-day moving average during the week of 15-21 November and closed on Thursday at USD 13,500/mt, down USD 313/mt. The minutes of the latest US Federal Reserve meeting included more discussions about ending the bond purchasing program, which weighed down base metals prices. In addition, a possible negative deposit rate by the ECB triggered a sell-off of the euro, further depressing nickel prices. The preliminary HSBC China manufacturing PMI released last Thursday was 50.4, the second highest reading in eight months, but still generated little market response. Falling initial jobless claims in the US and strong manufacturing data pushed up major US stock markets, but gave little support to nickel prices. LME nickel inventories were up by 3,732 mt, but positions were down by 7,780 lots. Trading was sluggish in China’s domestic nickel markets. In China’s nickel spot market, #1 nickel averaged RMB 95,180/mt, down RMB 920/mt from a week earlier. Jinchuan Group cut nickel prices by RMB 2,000/mt on November 21 to RMB 95,500/mt. Trading was sluggish last week.