Nickel Burns Out after Strong Start on the LME

  • Wednesday, September 10, 2014
  • Source:ferro-alloys.com

  • Keywords:nickel price, LME, technical buyers
[Fellow]Nickel failed to hold its strong start to Monday’s trading as its recent rally ended with a wider realisation that any restrictions on ore from the Philippines are years from being implemented.
Nickel failed to hold its strong start to Monday’s trading as its recent rally ended with a wider realisation that any restrictions on ore from the Philippines are years from being implemented.
 
Speculative and technical buyers had bought nickel on the news that a Philippines senator introduced a bill in congress calling for the mandatory domestic processing of all mineral ores, which would halt exports from the country. Veteran traders were already warning that the contract would be hit by profit-taking as the contract rose as high as $19,900 per tonne on Monday, falling back to $19,750/75 per tonne.
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  • [Editor:sunzhichao]

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