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[Ferro-Alloys.com]LME nickel price rose on Wednesday after hitting $16,483/t the previous day, which is a fresh five-month low, with the closed price at $17,474/t. The investors might take the slide as a buying opportunity ahead of expected shortages.
The market is well supplied with refined nickel, despite the Indonesia’s ban on shipments of unprocessed ore and monsoon season in Philippine. Technically, there is still no sign of an end to the downtrend. The price might try to reach the $18,000/t in the coming days. If the price failed to stay above $18,000/t, most probably the downtrend would continue. If the price breaks the $18,000/t, a further rise would be seen.
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