NICKEL: - CONSOLIDATE STRATEGY BUY ON DIP R2-1175 R1-1160 S1-1130 S2-1120
Nickel dropped on signs that a ban of ore exports won’t be enacted anytime soon by the Philippines, the largest supplier to China.
LME nickel surged more than 7 percent in past week on worries that ban on supply from Philippines could compound a market seen in deficit next year
Technically market is under long liquidation as market has witnessed drop in open interest by -1.41% to settled at 6763.
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