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[Ferro-Alloys.com]The LME nickel price closed at $16,860/t last week, with high at $17,854/t and low at $16,483/t, down 5.15%. On Tuesday this week, the price reached a fresh low this month at $16,483/t, which brought the price back to the beginning of April this year. The price rose to $17,474/t on Tuesday and Thursday after creating the fresh low due to the buyers who took this as a buying opportunity. But in the last two days of the week, the fall offset the increase of the previous two days.
The slowing growth of China’s Economy and the expectation of weakened economic stimulus policy of the government dragged the nickel price. On the other hand, the influence of Indonesia’s ban of export for unprocessed ore has been expired gradually, because the market will be supplied with more nickel product from Indonesia in the coming year as the construction for the nickel plant is underway. Technically, the $16,000/t might be its destination in the coming weeks on the week chart.
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