ZOID RESEARCH 28-NOV-2014 : NICKEL

Nickel declined a tad yesterday by 0.03% to $16375 MT. It should be noted that the metal did not fall much despite the fall in oil prices as Philippines government tries to imitate Indonesian ban of unprocessed ore which might further tighten the supply. However, the market did not react to it much as Philippines had announced the same previously as well but had failed to imply it in reality restricting the gains of the metals to an extent. As per the latest quote, Nickle is seen trading at $16309 MT. Fundamentally, the metal continues to look bullish and we expect Nickel to remain within a range and recommend buying for small targets today.

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