Nickel trading range for the day is 942.2-971.4.
* Nickel dropped as investors awaited more signs on whether demand in top metals consumer China would rebound after the Lunar New Year.
* Nickel stocks at 196,542 in LME-registered warehouses have nearly halved since the start of January last year, while cancelled warrants stand at 37 percent.
* Inventories in warehouses monitored by the Shanghai Futures Exchange are below 10,000 tonnes and have fallen nearly 40 percent since the middle of November.
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