A Major Downtrend for Nickel Might Come

  • Thursday, September 18, 2014
  • Source:ferro-alloys.com

  • Keywords:nickel price, ferronickel, export ban, downtrend
[Fellow][Ferro-Alloys.com]LME nickel price almost hit the four-month lowest price on Sept. 16 with a intraday lowest at $17,700/t, while the lowest price from May 1 to day is $17,770/t.
[Ferro-Alloys.com]LME nickel price almost hit the four-month lowest price on Sept. 16 with a intraday lowest at $17,700/t, while the lowest price from May 1 to day is $17,770/t. After hitting the new low, the price climbed to the intraday high at $18,310 then closed at $18,305/t. LME nickel continued the previous downtrend on Sept. 17, with closing price at $18,061/t.
 
Technically, the MA89 has crossed the MA144 downward on day chart, which means a major downtrend might come. The decreasing price of ferronickel in China support the downtrend of nickel price, despite the Philippine’s bill of unprocessed minerals export ban.
 
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